Bidders seek extension for Pawan Hans bids

  1. The bidders of Pawan Hans have sought extension to submit their financial bids for buying the government and Oil and Natural Gas Corporations (ONGC) stake in the helicopter service provider.The government holds 51%stake in Pawan Hans.The remaining 49% is with state-run ONGC.
  2. Last year,government had invited bids from entities,saying that along with its 51 per cent stake,the bidders will also have the option to buy ONGC’s stake of 49 per cent in the company.
  3. Pawan Hans was incorporated in 1985 as the Helicopter Corporation of India (HCI). It was established with the objective of (a)providing helicopter support services to the oil sector for its offshore exploration operations, (b)services in remote areas and (c)charter services for promotion of tourism.