New Delhi: Strongly opposing the sale of Pawan Hans, a section of the company's employees has said the decision was taken in an "arbitrary" manner without considering its financial performance.
In this regard, All India Civil Aviation Employees' Union has written to the Prime Minister's Office voicing its opposition to the proposed 100 per cent strategic sale of the helicopter services provider.
The union, which claims to represent nearly 300 employees at Pawan Hans, has described the decision as "arbitrary and unjustified" particularly against the backdrop of the company's IPO plans. Pawan Hans -- where the Centre and ONGC hold 51 per cent and 49 per cent stakes, respectively -- has more than 900 employees, including 450 on permanent rolls.
"It goes without saying that the case of Pawan Hans Ltd's disinvestment was recommended arbitrarily without due consideration to its history, mandate, financial performance and future scope of business in the evolving aviation sector," the union said in a statement.
Expressing shock over the company being included in the "list of sick public sector undertakings, which have bee selected for 100 per cent strategic sale based on recommendations of Niti Aayog," the union said
Pawan Hans has been making profit since its inception and also pays dividend. According to the union, Pawan Hans has till now given a dividend of Rs 235 crore to the government and ONGC.
The proposal of Niti Aayog is "far from ground reality" and should be re-considered, it added. Citing the example of Air India, which is receiving taxpayers' fund as part of turnaround plans, the union said no such facility has been extended to Pawan Hans, which has been maintaining steady profits.
"Against the backdrop of the soaps provided to similar organisations like Air India which has been accommodated vide a comprehensive turnaround plan, no such consideration was given for Pawan Hans Ltd...," it noted.
The government has already announced its plans to sell its stake in the firm and transfer the management control of the helicopter service operator.
Pawan Hans earned an operating profit of Rs 61.6 crore in the last financial year. Last week, it paid a total dividend of Rs 10.82 crore to the government and ONGC. Set up in 1985, Pawan Hans currently has a fleet of 46 helicopters.
