PSUs

  • Surplus cash of PSUs may be used to revive sick units 4 days ago

    New Delhi: Surplus cash of state-owned enterprises including those of Maharatnas and Navratnas lying idle in banks may be used to nurse ailing PSUs that can be revived back to health, the government said on Friday. The government has constituted a committee headed by NTPC Chairman Arup Roy Choudhury to study...
  • Change India: How to set up sovereign wealth fund out of PSUs June 7, 2014

    In the second show of our four part of the 'Change India: Experiments with Big Ideas' series, we discuss how to set up a $1 Trillion sovereign wealth fund out of shereholding of PSUs without using government money. ...
  • Row over Indian PSUs being barred from taking part in aircraft deal October 9, 2013

    New Delhi: Top UPA ministers are battling it out over a $ 3 billion aircraft deal. Heavy Industries Minister Praful Patel has taken on the UPA government over a New Defence Purchase clause. This came as the Indian Air Force (IAF) barred Indian PSUs like Hindustan Aeronautics Limited (HAL) from taking...
  • SC refuses to modify its earlier order on Aadhaar card October 8, 2013

    New Delhi: In a setback for Centre, the Supreme Court on Tuesday maintained its order that Aadhar card is not compulsory for availing social benefits. The apex court, however, agreed to give an urgent hearing to Centre on the issue. The Centre alongwith three oil PSUs - IOCL, BPCL and HPCL...
  • CAG criticises Bihar govt for keeping funds open to market risks August 1, 2013

    The Comptroller and Auditor General (CAG) has criticised the Bihar government for its "imprudent" decision to invest Rs 268.71 crore of a scheme in a mutual fund without setting up any monitoring mechanism thus exposing the scheme to market risks. The CAG report on PSUs for the year ended...
  • Gujarat PSUs gave undue benefits to business houses: CAG April 2, 2013

    Gandhinagar: The Comptroller and Auditor General (CAG) has said government-owned firms in Gujarat granted "undue benefit" to big industrial houses, which resulted in revenue losses worth crores of rupees to the state exchequer. The CAG report, for the year ended March 31, 2012, was tabled on Tuesday in the Gujarat...
  • Maintain growth at 8-8.5 per cent: PM October 23, 2012

    New Delhi: Faced with difficult government finances, Prime Minister Manmohan Singh on Tuesday asked cash-rich 25 central PSUs to invest their surplus fund of Rs 2.5 lakh crore to reignite economic growth. In a meeting convened by the Prime Minister and also attended by Finance Minister P Chidambaram, the top...
  • Manmohan Singh to meet heads of top PSUs October 23, 2012

    New Delhi: Amid the government's push to reforms, Prime Minister Manmohan Singh will meet the chiefs of PSUs tomorrow to discuss ways to push economic growth through enhanced investments, besides providing them greater autonomy and empowerment. The meeting, to be attended by 25 heads of companies, mostly Maharatnas and Navratnas,...
  • Antony calls for reducing dependence on defence imports October 6, 2012

    New Delhi: Defence Minister AK Antony on Friday called for reducing India's over-dependence on defence imports and bolstering research and development capabilities. Speaking to officials of Ordnance Factory Board (OFB) and defence public sector undertakings (DPSUs), Antony asked them to make sincere and sustained efforts to reduce the dependence on...
  • TN: 180 days of maternity leave in PSUs July 14, 2012

    Chennai: The 180 days maternity leave, which is now applicable to the women employees of the State government has been extended to the women employees of the Public Sector Undertakings and Statutory Boards of the State government too. This is applicable wherever their Service Rules provide for sanction of maternity...
  • Cabinet allows PSUs to buy back shares March 1, 2012

    New Delhi: The Cabinet has allowed state-run companies to buy back shares and participate in the government's divestment programme. "The Cabinet Committee on Economic Affairs has approved the buy back proposal," Minister of Heavy Industries Praful Patel said. The government is far short of meeting its target of raising Rs 40,000 crore...
  • Fiscal situation likely to be better in 2012 January 2, 2012

    Mumbai: What a year it has been for the Indian banking sector, and the road ahead too doesn't seem to be very smooth. Every macro economic indicator got worse, perhaps worse than we have ever seen it except the six months post Lehman. Inflation has been above 9 per cent...
  • Bihar PSUs in bad shape: CAG report July 20, 2011

    Patna: Fourteen working Public Sector Units in Bihar are in bad shape and have incurred an aggregate loss of Rs 1187.37 crore, according to a CAG report for the year ended March 31, 2010. The CAG report pointed out that the state had 65 PSUs...
  • PSUs may hike petrol price by Rs 0.50 per litre June 8, 2011

    New Delhi: State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil). "If there are no (political) pressure, we would like...
  • PSUs' overseas investment on fast-track approval February 4, 2011

    New Delhi: The government is mulling over a fast track approval of PSUs' proposals for acquisition of natural resources like oil, coal and mines overseas, without going to the Cabinet, a top official said. An empowered committee headed by Cabinet Secretary K M Chandrasekhar will be put in place for clearing...
  • Is bribing officials part of PSU culture? July 8, 2010

    Officials of prominent state-owned companies appear to be beneficiaries of bribes given by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants. Face The Nation debates the bribery scam- is bribing officials part of PSU culture? ...
  • J-K govt invokes ESMA against employees April 6, 2010

    Jammu: The Jammu and Kashmir government on Monday invoked the Essential Service Maintenance Act (ESMA) against the government employees as they continued their strike for the third consecutive day. The decision was taken at a cabinet meeting chaired by Chief Minister Omar Abdullah on Monday evening. The government employees have been observing...
  • Govt warns, sees oil firms losing Rs 45,478 cr December 11, 2009

    New Delhi: Public sector oil marketing companies will incur a loss of Rs.45,478 crore in 2009-10, Petroleum Minister Murli Deora has told the Parliamentary Consultative Committee of his ministry. Chairing a meeting in New Delhi on Thursday evening, Deora said the oil marketing companies "incur under-recoveries of Rs.3.10 per litre of...
  • Watch: All PSUs to be listed, says Govt November 6, 2009

    The government is disinvesting 10 per cent equity in all profitable, listed, public sector companies. Similarly, unlisted PSUs showing three years of consecutive profits will also be listed. The 10 per cent sell off is likely to enrich the government's coffer by Rs 20,000 crore. ...
  • Govt revs up reforms, announces listing for all PSUs November 5, 2009

    New Delhi: In a major push to the economic liberalisation process, the government has decided to ensure at least 10 percent public holding in all profitable state-run firms that will see a host of public offerings by such companies over the next few years. The government on Thursday decided that proceeds...
  • PMO dilly dallying PSU bribery case, says Karat October 15, 2009

    CPI-M leader Brinda Karat says the matter is a case of too little, too late. ...
  • Kingfisher owes Rs 950 cr to PSUs: Govt July 20, 2009

    New Delhi: Vijay Mallya-owned Kingfisher Airlines owes over Rs 950 crore to state-run oil companies in unpaid jet fuel bills, Petroleum Minister Murli Deora said on Monday. Kingfisher owed "Rs 37.36 crore to Indian Oil Corp, Rs 598.78 crore to Hindustan Petroleum Corp Ltd and Rs 314.32 crore to Bharat Petroleum...
  • Govt to divest stake in 3 firms; sell Oil India IPO July 17, 2009

    New Delhi: The Government has identified three public sector units (PSUs) for disinvestments and plans an IPO for its leading fuel company, Oil India. Sources tell Network18 the government will sell its stake in Karnataka-based Kudremukh Iron Ore, Maharastra-based Manganese Ore and Hyderabad-based National Mining Development Corporation (NMDC). Sources says the...
  • ID job: Nilekani eyes oil PSUs' consumer database July 15, 2009

    New Delhi: Nandan Nilekani, who heads the Unique Identification Authority of India, Tuesday approached the petroleum and natural gas ministry to tap into the massive database of oil and cooking gas consumers that covers nearly half the population. The ministry assured full cooperation to the former Infosys co-chairman. Nilekani, who has a...
  • Forbes India: Disinvest or perish July 13, 2009

    Family silver or a piggy bank? The Indian Government needs to be clear about this as it goes into another round of disinvestment. Ever since 1991, the Government of the day has tried to sell ownership in public sector undertakings (PSUs). After 18 years, there is still no clarity on...
  • Budget preview: Promises to keep July 6, 2009

    New Delhi: Finance Minister Pranab Mukherjee is likely to set an aggressive disinvestment target and announce a range of tax breaks when he presents the Union Budget before Parliament on Monday. Prime Minister Manmohan Singh, after his re-election, said the people of India expect a lot from the United Progressive Alliance...
  • Business lobby urges govt to drop stake in banks June 2, 2009

    New Delhi: A leading industry lobby on Tuesday urged the Government to disinvest its stake in leading public sector companies and banks by up to 49 per cent to revive the economy. "Navratna status for major public sector banks is the need of the hour to enable them enjoy autonomy and...
  • PSU banks to cut interest rates | SBI for further cut February 2, 2009

    The country's top public sector lender, State Bank of India, today said it is considering further reduction in lending rates. "There is thinking (on these lines)," SBI Chairman O P Bhatt said when asked if there is a possibility of reducing the benchmark prime lending rate (PLR) by the bank. ...
  • Home loans cheaper as PSU banks cut rates December 15, 2008

    Mumbai: State-run banks will offer special rates on some loans to homebuyers and small businesses, as part of a government-led initiative to boost economic growth and shore up confidence amid a global liquidity crisis. Government-owned banks will offer home loans up to Rs 500,000 at 8.5 per cent and between Rs...