JSW Steel Denies Bidding For Pawan Hans; Says Not Interested In Asset

Steel major JSW Steel Ltd. on Monday denied participating in the bidding process to acquire state-owned helicopter services provider Pawan Hans.  

Recently, a media report quoting sources said that the company has submitted a bid to buy Pawan Hans, JSW Steel informed the stock exchanges.

"The media report is baseless and has no substance. It is hereby denied that JSW Steel Ltd. submitted a bid for acquisition of Pawan Hans Ltd. and the company has no interest in this asset," the exchange filing said.

In December last year, the government had said that transaction advisors have received financial bids for privatising Pawan Hans. However, it did not disclose the names of the entities who put in bids.

The government owns 51% stake in Pawan Hans while Oil and Natural Gas Corp. Ltd. holds the remaining 49%. ONGC has also decided to tender its share in the strategic sale process.