NEW DELHI: In the first strategic sale of a public sector company in the current financial year, the government is going to announce the successful bidder for Pawan Hans, a Mini Ratna-I category public sector company, on Saturday.
Sources close to the development confirmed TNIE the winner of the bids would be announced on Saturday. It has been reported that two of the country’s leading steel manufacturers -- JSW Steel and JSPL – are among the front runners.
However, a JSPL official on the condition of anonymity has denied that the Naveen Jindal-owned company is in the race for the public sector helicopter services company. The official said they have no reasons to bid for Pawan Hans.
JSW Steel declined to comment when TNIE approached them. Pawan Hans provides helicopter services for offshore operations, inter-island transportation, connecting inaccessible areas, rescue work, tourism etc. The government owns 51% stake in the company while the rest is held by ONGC.
The government will disinvest its entire shareholding of 51% in Pawan Hans by way of strategic disinvestment along with the transfer of management control. ONGC also intends to offload its entire shareholding of 49% stake. Pawan Hans earned revenues of`Rs 346 crores in 2019-20 and made a loss of Rs 93 crore during that financial year.
The government is looking to meet the disinvestment target of Rs 65,000 crore in the current fiscal after having missed the target by in 2021-22. The government has targeted to realise Rs 78,000 crore from sale of public sector enterprises in 2021-22, but could only collect Rs 13,530 crore.