ONGC has provided Rs 95 crore for enhancing its equity
Mumbai, Dec. 27
Oil major ONGC has upped its stake in Pawan Hans Helicopters Ltd (PHHL) to 49 per cent from the earlier 21 per cent. The move will see the equity base of PHHL being enhanced to Rs 245 crore from the existing Rs 113 crore.
“ONGC has provided Rs 95 crore for enhancing its equity,” the Chairman and Managing Director, PHHL, Mr R.K. Tyagi, said here on Monday at a function to announce the start of sea plane operations in the country.
No change in board
Sources told Business Line that the move will not see any immediate change in the board of the state-owned helicopter operator.
“At a later date we will induct some independent directors in keeping with the guidelines of the Department of Public Enterprises,” senior PHHL official said.
In 1985, when PHHL was established, ONGC had a 49 per cent stake in the company with the rest being held by the Government.
Mr Tyagi added that NTPC has also agreed to give Rs 55 crore as loan to PHHL for buying new helicopters. The company had earlier indicated that it would generate Rs 150 crore out of its internal resources for fleet expansion.
ONGC shares on the BSE rose 0.42 per cent to Rs 1,300.10 on Monday.