Pawan Hans IPO fast-tracked

Eleanor Steed
By Eleanor Steed September 16, 2016 10:15

Pawan Hans IPO fast-tracked

The Indian helicopter service firm, Pawan Hans, is fast-tracking its public listing plan. The 51% state-owned company has published a business plan, which forecasts an increase its revenue to Rs 1,600 crore by 2027, from Rs 500 crore in 2015-16, thanks to new growth from the regional connectivity scheme (RCS).

The helicopter major wants to increase its fleet size, diversify its business, professionalise its governing board and invest more in maintenance, repair & overhaul, according to Chairman & Managing Director (CMD) B P Sharma.

The company plans to raise around Rs 350 crore from the listing, in which the Oil and Natural Gas Corporation may sell a major part of its 49% stake.

“Our initial public offering (IPO) preparation is in full throttle. SBI Caps is doing a risk assessment study for us and we are awaiting the report,” CMD Sharma said in an interview. He added that by March 2017, there will be a concrete proposal.

Eleanor Steed
By Eleanor Steed September 16, 2016 10:15