NEW DELHI: Failing to get desired response from private players, the government has now extended the date for submitting expression of interest (EoI) by two weeks for divesting 51 per cent stake in public sector chopper service provider Pawan Hans Helicopters Ltd (PHHL).
This is the fourth extension since July after a Preliminary Information Memorandum (PIM) for strategic disinvestment was floated to invite interest from global players.
The last date for submission of expression of interest (EoI) for strategic disinvestment of PHL, in response to the Preliminary Information Memorandum (PIM) issued on July 11, 2019, has been extended up to October 10, 2019," an official statement said.
It added that the timelines for all other subsequent activities will change accordingly.
The central government wants to offload its entire 51 per cent stake in the leading helicopter company along with management control. SBI Caps is the transaction advisor for the strategic disinvestment of the company.
While the government holds 51 per cent stake in the company, the remaining 49 per cent stake is with the Oil and Natural Gas Corporation (ONGC). The entire 100 per cent stake in Pawan Hans is on the block.
Repeated failure to get a buyer casts shadow on government's disinvestment plan for PHHL. Experts have attributed the poor show to depressed market sentiments, absence of unique offering and unattractive terms.