Pawan Hans disinvestment: ONGC to offer its 49% shares to new buyer

After the offer is made by ONGC, the new buyer will get seven days to decide if it wants to buy the remaining 49 per cent stake held by the public sector undertaking (PSU)

Oil and Natural Gas Corporation (ONGC) will offer to sell its 49 per cent stake in Pawan Hans to its new buyer-Star9 Mobility Pvt Ltd after the government issued a letter of award (LoA) for its sale, said an official.

“Within seven days of issuing the LoA, ONGC will offer to tender its shares in Pawan Hans at the same price at which the Centre is exiting the helicopter service provider,” a senior government official said. The government intends to issue the letter next week, the official added.

Pawan Hans is a joint venture between the Centre and ONGC, and the former