Pawan Hans stake sale: Govt extends deadline for initial bids

The government has extended the deadline to September 19 for submitting initial bids for 51 per cent stake sale in helicopter services provider Pawan Hans Ltd, according to a communication.

The previous deadline for Expression of Interest (EoI) was to end Wednesday.

In August, the government said that along with government's 51 per cent stake, the bidders would have the option to buy ONGC's 49 per cent shareholding in the company.

"The last date for submission of EoI for strategic disinvestment of PHL... has been extended up to September 19, 2018," as per a notice posted on the website of the Civil Aviation Ministry.

Timelines for all other subsequent activities would change accordingly, it added.

On April 13, the government issued the information memorandum for the 51 per cent stake sale in Pawan Hans and had sought EoI from interested bidders by June 18. About half a dozen bidders are believed to have submitted bids.

Later, fresh bids were invited after ONGC board in July decided to combine its 49 per cent stake in the offer for sale by the government.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)