The government has approved the highest bid of Star9 Mobility Private Limited for sale of entire 51 percent of government's shareholding of Pawan Hans Limited and transfer of management control.
The Alternative Mechanism, empowered by the Cabinet Committee on Economic Affairs, approved the strategic buyer for disinvestment of Pawan Hans Limited.
Pawan Hans Limited is a joint venture of Government and Oil and Natural Gas Corporation Limited.
Government holds 51 percent of the shares in the company and ONGC holds the balance 49 percent shareholding. ONGC has earlier decided to offer its entire shareholding to the successful bidder identified in the government's strategic disinvestment transaction.
Pawan Hans Limited has incurred losses in the last three financial years. The company has a fleet of 42 helicopters.