By By Andrew Drwiega | February 17, 2015
The Indian government is to divest itself of its 51 percent shareholding in Pawan Hans, the national helicopter company of India, according to a report published on Feb. 10 by the Economic Times in India. The other 49 percent is owned by Oil and Natural Gas Corporation.
Pawan Hans was incorporated in 1985 mainly to provide rotorcraft support services to the offshore oil and gas industry but also for remote area missions and tourism. It currently owns 47 helicopters:18 x Dauphin SA-365N; 17 x Dauphin AS365N3; 3 x Bell 206 L4; 4 x Bell 407; 3 x MI-172; and 2 x AS 350 B3.
Financially, the company posted a Rs38.6 crore ($6.2m) profit on revenues of Rs 530 crore ($84.9m) during 2013-14 fiscal. This represented an increase from Rs 11.7 crore ($1.8m) profit in 2012-13, although the year before it suffered a Rs 10.4 crore ($1.67m) loss during 2011-12.
The company states that it has long-term institutional clients in the energy sector, is responsible for around 40 percent of all rotorcraft flying in India resulting in five million flight hours, together with approved maintenance facilities for Dauphin and Bell helicopters.
The decision is in line with plans to float-off other state run companies including the Airports Authority of India (AAI). The process will be concluded by the end of the Indian government’s FY 2015-16 through a public share offer.
Related: Offshore News