New Delhi: The Finance Ministry on Friday said Star9 Mobility Pvt Ltd will buy the government's 51 per cent stake in helicopter services provider Pawan Hans Ltd (PHL), along with the transfer of management control, for Rs 211.14 crore. The reserve price for the strategic sale, which comes after three unsuccessful attempts, was fixed at Rs 199.92 crore based on the valuation carried out by the transaction adviser and asset valuer. Loss-making PHL is a 51:49 joint venture of the government and ONGC. ONGC had earlier decided to offer its entire shareholding to the successful bidder identified in the government strategic disinvestment transaction, on the same price and terms as government.
The government in December last year received three financial bids for buying the company. "M/s Star9 Mobility Private Ltd, a consortium of M/s Big Charter Private Limited, M/s Maharaja Aviation Private Limited and M/s Almas Global Opportunity Fund SPC; emerged as the highest bidder quoting Rs 211.14 crore, which was above the Reserve Price. The other two bids were for Rs 181.05 crore and Rs 153.15 crore. Following due deliberations, the financial bid of M/s Star9 Mobility Private Limited has been accepted by the Government," the Ministry said in a statement.
The Alternative Mechanism, comprising Road Transport and Highways Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Civil Aviation Minister Jyotiraditya Scindia, has "approved the highest bid of M/s Star9 Mobility Private Ltd for sale of entire GoI's shareholding (51 per cent of shareholding) of PHL and transfer of management control", an official statement said. "The strategic disinvestment transaction was implemented through an open, competitive bidding process supported by a multi-layered consultative decision-making mechanism involving Inter-Ministerial Group, Core Group of Secretaries on Disinvestment and the empowered Alternative Mechanism," the statement said.
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