India will finalize the sale of state-owned helicopter service provider Pawan Hans Limited this week and has received bids from companies including JSW Steel Limited (BSE:500228) and Jindal Steel & Power Limited (NSEI:JINDALSTEL), according to people with the knowledge of the matter. A group of officials headed by Cabinet Secretary Rajiv Gauba is meeting on April 23, 2022 to pick the winning bid, the people said, asking not to be identified as the matter is private. A final announcement will be made after the approval by a ministerial panel which is largely procedural, they said.

The federal government has 51% stake in Pawan Hans, while ONGC holds 49%. The oil explorer has decided to offer its entire shareholding to the successful bidder at the same price and terms as agreed by the government. A finance ministry spokesperson wasn't immediately available for a comment.

Pawan Hans didn't respond to phone calls made at its office number. A spokesperson for JSW Steel declined to comment while JSPL did not reply to an e-mail request.