NEW DELHI: Pawan Hans Ltd, the government-owned helicopter operator, will spend about Rs 560 crore to add 12 aircraft to its fleet as the company gears up to meet growing demand for transportation services ahead of a proposed initial public offering. “Pawan Hans will buy 10 helicopters and two seaplanes during fiscal 2016,” said a civil aviation ministry official, who did not want to be identified. “This acquisition will be according to the plan approved by the erstwhile Planning Commission.”
The company will borrow 80% of the funds required for the purchase while the remainder will be generated from internal resources. The finance ministry allocated Rs 110.95 crore in the 2015-16 budget to be raised through internal and external budgetary resources for the acquisition of aircraft. The government plans to divest a stake in Pawan Hans during FY16 and has hired SBI Caps as an advisor.