Star9 Mobility to Buy 51% Govternment Stake in Pawan Hans

Share Us

546
Star9 Mobility to Buy 51% Govternment Stake in Pawan Hans
30 Apr 2022
min read

News Synopsis

After three failed divestment attempts, the center finally found an applicant for the deficit, Pawan Hans. The government will sell a 51% stake in Pawan Hans to Star9 Mobility Pvt Ltd for Rs 211 crore.

An alternative mechanism consisting of Finance Minister Nirmala Sitharaman, Road Transport, and Highway Minister Nitin Gadkari, and Minister of State for Civil Aviation  Jyotiraditya Scindia have approved the highest bid by Star9. The center will also transfer the management control to Star9.

Star9 Mobility is a consortium of Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd, and Almas Global Opportunity Fund SPC. Star9 Mobility was incorporated on October 29, 2021, and registered at the Registrar of Companies, Mumbai.

The company's authorized capital is Rs 1,00,000 and the paid-in capital is Rs 1,00,000. Above all, It is involved in relief transportation activities and travel agency activities. The reserve fee for selling of Centre's 51% stake in the helicopter service provider was set at Rs 199.9 crore, based on valuations conducted by trading consultants and asset appraisers.

Pawan Hans has been facing losses for the last three years. It owns 42 helicopters, 41 of which are owned by itself. The average life of helicopters is 20 years, and OEMs have stopped producing three-fourths of these helicopters.

TWN In-Focus