M&A

M&A

Pawan Hans sell-off put on hold

Business Line  

Disinvestment of helicopter service provider Pawan Hans has been put on hold as the government wants to examine an order against a key consortium member of the successful bidder. This is the second strategic disinvestment after Central Electronics Ltd, where the transaction has been deferred. Earlier, the government declared Star9 Mobility - a consortium of Big Charter, Maharaja Aviation and Almas Global Opportunity Fund - as the highest bidder, quoting INR 211.14 crore as successful bidder. Big Charter and Maharaja Aviation own 26% and 25%, respectively, in the SPV. Almas Global Opportunity Fund SPC holds 49% in the consortium.