PSU

IOC to spend Rs 32,500 crore on oil exploration, production

Indian Oil Corporation is planning to spend about $5 billion (nearly Rs 32,500 crore) to expand its exploration and production business. More than half the amount is likely to be earmarked for acquisition of new assets. This is in l

PSUs may have to pay higher dividend to govt

To meet the union budget estimates, all profit-making public-sector undertakings (PSU) have been asked to pay a minimum dividend of 30 per cent of post-tax profit for 2015-16. Earlier, only the upstream oil and gas PSUs were asked to pay 30 per ce

Govt invites applications for Power Finance Corp

The Public Enterprises Selection Board (PESB) has invited applications for the post of chairman and managing director (CMD) at state-owned Power Finance Corp. Ltd (PFC). The company’s current head M.K. Goel will retire in September next year

2,000-MW Subansiri lower hydro project contract date extended

NHPC Ltd. has extended the deadline for bids to construct civil works of the powerhouse complex of the 2,000-MW Subansiri Lower hydroelectric project on the Subansiri River in India`s Arunachal Pradesh State. Bids now are due for October 21.

BHEL pays dividend

Bharat Heavy Electricals Limited (BHEL) has paid a final equity dividend of 31% for fiscal 2014-15. In value terms, the total dividend paid for fiscal 2014-15 amounts to Rs.284 Crore, which is 58% of the paid-up capital (including an interim divid

NTPC, BEL disinvestment process begins with road shows abroad

The global roadshows at four locations to attract investments for its big-ticket stake sale in the country’s largest power producer NTPC and BEL began on Monday (Oct 5). The campaign that may fetch around Rs 6,600 crore to the exchequer, wil

NTPC pays Rs. 2,061.37 cr dividend for FY 2014-15

In a dividend payment that is fifth highest among all the public sector undertakings, NTPC Limited has paid a total dividend of Rs. 2,061.37 crore for the financial year 2014-15. This amounts to 25% of its paid-up capital. This is the 22st consecu

Airports authority staff join e-revolution

The Airports Authority of India (AAI), a miniratna (category-I) public Sector Enterprise entered in to an agreement with NIIT on 29.09.2015 to impart MS Office and computer fundamental training to its employees. The agreement was si

Innovator Biswas is new R&D director at BHEL

Subrata Biswas, 56, has assumed charge as director (engineering, research & development) of the Maharatna Public Sector engineering and manufacturing enterprise. This is a board-level appointment at Bharat Heavy Electricals Limited (BHEL).

Oil India gets consent to produce 1 mmscmd gas in Jaisalmer

State-run Oil India Ltd has got environment clearance for drilling 20 wells in three blocks in Jaisalmer, Rajasthan for production of 1 mmscmd gas at an estimated cost of Rs 96 crore. The wells will be drilled in Dandewala, Bagitibb

BHEL bullish on defence orders

Power equipment maker BHEL is bullish on defence manufacturing sector, , which is being opened up and is looking for original equipment manufacturers (OEMs) for partnership. The public sector unit is particularly interested in naval

ONGC, Oil India seek cut in cess

State-owned oil producers ONGC and Oil India along with private sector Cairn India have asked the government to cut cess on crude oil in view of slump in prices. The Oil Industry (Development) Act, 1974 provides for collection of ce

AK Srinivasan to be ONGC’s director of finance

Oil and Natural Gas Corp. Ltd (ONGC) has appointed AK Srinivasan as the new director (finance) of the company. He was elevated to the post after his presidential appointment to the ONGC Board. He has an experience of over 31 years in upstream oil

Tax free bonds of NTPC get massive response

NTPC’s public issue of tax-free bonds received a massive response from investors with the subscription amount touching Rs 4,417.58 crore. The total issue size is of Rs 700 crore. The highest subscription came from corporates at eight times t

Record-breaking NTPC is offering bonds from Wednesday

K Biswal, director ( finance ) NTPC says the public sector company has a history of creating records in regard to tax free bonds. He is right and now it is looking to make another record. Earlier issue in December 2013 was oversubsc

State-owned companies may soon offer stock option

Employee Stock Options (ESOPs) may come into play in public sector enterprises. Instead of cash as part of variable pay, the public sector employees will get ESOPs. The department of disinvestment has suggested to the department of

Power trading corporation turns civic responsible

Power Trading Corporation of India, a PSU, has entered into an agreement with cash-strapped South Delhi Corporation to provide basic civic services in Bhikaji Cama Place in south Delhi. The services will include sweeping and cleanin

Oil companies’ debt down due to loan replacement & fuel reforms

Last three years have been good times for oil PSUs. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have benefited due to significant reduction in their debt levels in the pa

NALCO makes a clean statement, builds toilets in Odisha and AP

National Aluminium Company Limited (NALCO), the navratna PSU of ministry of mines has completed its target of constructing toilets for schools in three districts of Odisha and Andhra Pradesh. Chairman and managing director TK Chand

Green signals for auction of 69 oil and gas fields

The government has decided to simplify oil and gas exploration rules and also offering to auction 69 small and marginal oil and gas fields that will come with full marketing and pricing freedom. The fields hold 89 million tonne of o

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