The Centre has found a suitor for loss-making Pawan Hans. The government will plan to sell its 51 per cent stake in Pawan Hans to Star9 Mobility Pvt Ltd for Rs 21 crore.

Finance Minister Nirmala Sitharaman, Road Transport and Highways Minister Nitin Gadkari and Civil Aviation Minister Jyotiraditya Scindia, approved the highest bid placed by Star9. The Centre will also transfer the management control to Star9.

This is the second successful privatisation in the civil aviation space after the Air India sale. This is also the third instance of privatization post-Nilachal Ispat Nigam after the Centre announced the new Public Sector Enterprises (PSE) policy in February 2021.

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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 has an authorized share capital of Rs 1,00,000 and a paid-up capital of Rs 1,00,000. It is involved in auxiliary transport activities and activities of travel agencies, among others. Ramen Raymandal, Sumit Sawhney and Vipul Rashmikant Dave are the company directors.

The reserve price for the sale of Centre’s 51 per cent shareholding in the helicopter service provider was fixed at Rs 199.9 crore based on the valuation carried out by the transaction adviser and asset valuer.