Pan India sale

Vol 14, PW 10 (04 Nov 10) News in Brief

Darshan Singh has dismissed rumours he wants to sell his company Pan India, better known as the Indian representative of seismic contractor CGGVeritas.

“I am not talking to anyone,” Singh tells this report. “Nor have I met anybody.

” Since September rumour abounds that Pan India has called in consultants and bankers to value the company ahead of a sale. “Discussions have been initiated with up to 12 companies,” claims an industry source.

“Offers to acquire Pan India have come from companies based in China, Poland, Russia, Austria, USA, UK and Norway.” No deal has been struck yet, adds a source, as none of these companies offered Singh an attractive sale price.

Low profile Pan India earns commission from CGGVeritas to facilitate its work in India. But it also earns “significant revenue” from its own seismic reprocessing business.

“Pan India has many overseas clients for its reprocessing business,” we hear. Singh has been associated with CGGVeritas for over 20 years.