After previous unsuccessful attempts to sell the country”s biggest public sector helicopter operator, Pawan Hans Ltd (PHL), the government on Thursday invited fresh bids for offloading its stake in the company.
The government holds 51 per cent stake in PHL and the rest is held by Oil and Natural Gas Corporation (ONGC), Mumbai, in what now ranks as South Asia”s largest helicopter company.
However, in a huge embarrassment after the government announced its intention to sell PHL, the company”s performance has nosedived sharply and the 33-year-old firm will record its first-ever loss at over Rs 75 crore during fiscal 2018-2019.
A senior aviation official said that such multiple attempts to sell the company has actually proved detrimental to its image. Read More