NEW DELHI: In the first strategic sale of a public sector unit in 2022-23, the government has sold its entire 51 per cent stake in Pawan Hans for Rs 211.14 crore to Star9 Mobility, the Ministry of Finance said in a statement on Friday.
Star9 Mobility; a consortium of Big Charter, Maharaja Aviation and Almas Global Opportunity Fund SPC; emerged as the highest bidder among the three who submitted their financial bids. Pawan Hans, a joint venture between the Central government and ONGC, provides helicopter and aero mobility services. While the government held 51 per cent stake in the company, ONGC held a balance 49 per cent.
ONGC had earlier decided to offer its entire shareholding to the successful bidder identified by the government on the same price and terms. The Cabinet Committee on Economic Affairs comprising Union Minister for Road Transport and Highways Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Union Minister of Civil Aviation Jyotiraditya Scindia has approved the bid of Star9 Mobility. According to the statement issued by the finance ministry, seven entities had submitted expressions of interest (EoIs) out of which four were short-listed, three of which submitted the financial bids.
Out of the three, only Star9 Mobility’s bid price was higher than the reserved price of Rs 199.92 crore. The other two bids were for Rs 181.05 crore and Rs 153.15 crore. Big Charter is owned by Pilot-turned entrepreneur Sanjay Mandavia.