NEW DELHI/HYDERABAD:The NPA government’s move to privatise PSU Pawan Hans has met with severe criticism from the Opposition parties including the Telangana IT and MAUD Minister KT Rama Rao who questioned the move by the Modi- government.

Pawan Hans was a joint venture of the Indian government and ONGC and was the biggest helicopter company in South Asia with a fleet of 42 helicopters and several helipads.

The Department of Investment and Public Asset Management (DIPAM) declared the consortium of Star9 Mobility as the winning bidder for the 37-year-old company after three previous attempts at its divestment were unsuccessful.

The Star9 Consortium – comprising Big Charter, Maharaja Aviation and the Cayman Islands-registered Almas Global Opportunity Fund – made a bid of Rs 211.14 crore for Pawan Hans. As per procedure, the reserve price for the sale was fixed at Rs 199.92 crore, based on a valuation carried out by SBI Market Capital and RBSA Advisors.

As the deal for Pawan Hans’ sell-off moves to the final stage KTR questioned the sale to the private company which was formed just 6 months ago.The sale with an authorised capital of Rs 1 lakh raises many questions & doubts, he wrote. While Pawan Hans was valued at Rs3,700 Crores in 2017 how could the NPA Government sell 49 % of the share at Rs 211 Crore, KTR questioned.

The sale of Pawan Hans, a profitable PSU to a Pvt company that was formed just 6 months ago with an authorised capital of ₹1 lakh raises many questions & doubts!

Pawan Hans was valued at ₹3,700 Crores in 2017! Then How come 49% of it was sold at ₹211 Cr? Any answers NPA Govt? pic.twitter.com/8WBmhMdyem
— KTR (@KTRTRS) May 3, 2022