Oil and Natural Gas Corporation- ONGC- the premier Public Sector Natural gas company has approved exiting its helicopter service provider Pawan Hans by selling its entire 49 per cent stake.
The Board of Directors of ONGC today took this decision. The move is expected to cut debt and consolidate resources in this core oil and gas business. ONGC wants its interest to be clubbed with the 51 per cent government stake that is already on offer for sale.
The offer for sale for government’s 51 per cent stake in Pawan Hans which has been floated twice in the last 10 months, is likely to be reissued with an amended expression of interest -EoI.