Showing posts with label PSU NEWS. Show all posts
Showing posts with label PSU NEWS. Show all posts

Ex Chairman Jet airways , Naresh Goyal and wife stopped from flying out of India

Grounded Airlines Jet Airways Ltd founder Naresh Goyal and his wife Anita Goyal were stopped from flying to Dubai today by the immigration authorities in Mumbai, said a person with direct knowledge of the matter.

Arvind Panagariya’s mantra to Modi

As Tsu-NaMo takes India by storm, Arvind Panagariya, Former VC Niti Aayog talks about some of the key focal points for govt in first 100 days and issues in front of NDA-2. he has shared 10 kick start ideas on nation televisions. One of the key mantra from Arvind to Modi is privatization of PSU. Corporate profit tax to be rolled back to 25 % and remove exemption so that actual collection does not decline. The govt. could also by rolling back the tarrif that has been raised in the past two years in trade front.

It is feasible for the government to privatise one public sector undertaking or PSU every week, Arvind Panagariya, former Vice Chairman, Niti Aayog and a noted economist has recommended to the BJP led NDA which saw a sweeping success in the Lok Sabha elections 2019. He said the government should speed up the privation of PSUs. The cabinet already approved the privatisation of more than 2 dozens of PSUs on the recommendations of think tank Niti Aayog last year.

ITI Limited Records a Turnover of Rs. 2051 Crore for the Year 2018-19

Bengaluru, April 12, 2019: ITI Limited, a Public Sector Undertaking under DoT announced the turnover of Rs. 2051 Crore (unaudited) for the financial year ended on March 31, 2019 (corresponding figure for the financial year 2017-18 was Rs. 1703 Crore).

The Company has posted 20% growth in revenue during 2018-19 as compared to 5.7% during 2017-18.

Highlighting the company’s achievement for the year 2018-19, Shri K Alagesan, Chairman & Managing Director, ITI Limited said, “It is yet another year of accomplishment for ITI and this signifies ITI’s commitment for sustained growth. We believe that the positive and motivating measures have really yielded good results. For the new financial year, we believe that we have a sound order book and I hope to achieve much better results. Company’s performance for current financial year has invigorated us to further strengthen our business verticals like Smart Energy Meters, ICT-IOT, Mini PC manufacturing, Data Center hosting services, manufacturing of Rupay and Master cards with a focus on design and development of indigenous products and technologies. This is in addition to manufacturing of wide range of communication products, secured communication products for defence and manufacturing & component screening services for Indian space programs.

With interalia, the Revival Package support from Government of India, execution of BharatNet phase 2 projects and rejuvenated manpower, the turnover of the company has improved.

Jet Airways has started sending expat pilots on leave without pay

Jet Airways has started sending expat pilots on leave without pay, Times of India reports, citing sources. The move is part of a cost-cutting exercise by the new lender-led management – expat commanders are nearly twice as expensive since they need accommodation and flight tickets to their home country frequently. Lessors have grounded nearly two-thirds of Jet’s planes, forcing the carrier to cut flights to nearly 150 from over 600 daily. Meanwhile, Economic Times reports that Jet’s top lender SBI and founder Naresh Goyal have reached out to TPG Capital and Delta Air Lines, respectively, scouting a stake purchase interest.

Power Finance Corporation is now the second largest govt-owned financial firm after SBI

Power Finance Corp completes 52.63% stake buy in REC. State owned Power Finance Corporation (PFC) on Thursday became the promoter of REC Ltd as it acquired the management control of the power sector lender, PFC chairman and managing director Rajeev Sharma said.According to Moody’s Investors Service, PFC and REC had total reported assets of ₹2.86 trillion and ₹2.46 trillion, respectively.

PF interest rate hiked to 8.65% in good news for aam aadmi

Retirement fund body EPFO on Thursday announced an interest rate of 8.65 per cent on PF deposits for 2018-19, to its six crore subscribers.

"The proposal to declare interest rate for this fiscal is on the agenda of the Employees' Provident Fund Organisation (EPFO) trustees meeting on February 21, 2019," a source had earlier said.

The interest rate was at 8.55 per cent for this fiscal as provided in 2017-18.EPFO had kept the interest rate at 8.65% in 2016-17 and 8.8% in 2015-16. It provided 8.75% interest for 2013-14 as well as 2014-15. The rate of interest was 8.5% in 2012-13.

Currently, the Employees Provident Fund Organisation invests 15% of contributions in equities and the rest in debt.

All members of the Central Board of Trustees (CBT) of EPFO at a meeting in New Delhi agreed to give a higher interest for subscribers for the current fiscal, Labour Minister Santosh Gangwar said.
EPFO started investing in equity through exchange-traded funds from August 2015. It started by investing 5% of contributions, and has since raised it to 15%. The rest go into debt market instruments such as government securities, private sector bonds and bank fixed deposits.

Finance minister Piyush Goyal to meet heads of PSU banks on January 28

Goyal, who has been given an additional charge of the finance ministry on Wednesday in the absence of Arun Jaitley, is scheduled to meet chiefs of the state-owned banks on Monday to review financial performance of the banks.

Tamil Nadu Defence Corridor to formally launch this week: Official

NEW DELHI: The Tamil Nadu Defence Corridor will be formally launched later this week in Trichy with new defence products, investments and a defence innovation hub to improve design and manufacturing capabilities, said a top government official.

The corridor will be formally launched on January 20 with three main events taking place on that day, said Dr Ajay Kumar, Secretary Defence Production. They include the announcement of new investments by Defence PSUs, the private sector, launch of new defence products and the defence innovation hub in Coimbatore.
The government will provide a maximum support of Rs 20 crore to the facility which will be setup by CODISSIA, which according to Kumar has a business of Rs 50,000 crore to Rs 60,000 crore in defence production in Coimbatore. 

PGCIL may get Maharatna status following Power Ministry’s recommendation: Report

THE power ministry has recommended Maharatna status for Power Grid Corp of India Ltd (PGCIL), the country’s largest power transmission company. Maharatna status allows state-run firms greater financial autonomy — they can decide on investments of up to 15 percent of their net worth in a project without government approval. In comparison, Navratna PSUs such as Power-Grid can invest only up to Rs 1,000 crore without government approval.
If the proposal is approved by the Centre, PGCIL will become the...
eighth Maharatna public sector undertaking — and the second in the power sector — after Bharat Heavy Electricals Ltd, Indian Oil Corp, Oil & Natural Gas Corp, Bharat Petroleum Corp, Coal India Ltd, NTPC Ltd and Steel Authority of India Ltd. PowerGrid had applied for Maharatna status after it achieved the qualifying parameter of average annual turnover of Rs 20,000 for three consecutive years.

The PSU’s consolidated net profit in 2017-18 was Rs 8,198 crore compared with Rs 7,451 crore in the previous year, while total consolidated income was Rs 30,431 crore against Rs 26,283 crore in 2016-17. In the last three years, its total income has grown at 20.05 percent, profit after tax at 18.28 percent and gross fixed assets at 14.41 percent. The company’s market capitalisation grew by 50 percent to cross Rs 1 lakh crore
The latest to join the select group of Maharatna PSU was Bharat Petroleum Corporation Limited (BPCL). The government conferred Maharatna status to the PSU in September 2017. Accordingly, BPCL is empowered to exercise the powers of a Maharatna company as governed by relevant guidelines issued by Department of Public Enterprises. Thus, the PSU has joined the select group of seven Central Public Sector Enterprises (CPSEs). Maharatna and Navaratna state-owned units operate in strategic fields such as coal, petroleum, steel, heavy engineering, power supply, telecommunications, and transportation services. Under government rules, a firm is eligible for Maharatna status if it is already a listed Navratna firm, has an average turnover, net worth an annual net profit after tax of at least Rs 25,000 crore, Rs 15,000 crore and Rs 5,000 crore, respectively, in the last three years. Moreover, the company should have significant global operations. After becoming a Maharatna firm, the board of PGCIL will get enhanced powers which will help in the the expansion of operations, both in India and abroad.
PGCIL is an electric utilities PSU headquartered in Gurugram. POWERGRID transmits about 50 percent of the total power generated in India on its transmission network. Its former subsidiary company, Power System Operation Corporation Limited (POSOCO) handles power management for Power Grid. POWERGRID also operates a telecom business under the name POWERTEL.
POWERGRID started functioning on management basis from August 1991 and subsequently it took over transmission assets from NTPC, NHPC, NEEPCO, NLC, NPC, THDC, SJVNL etc. in a phased manner and the Navratna PSU commenced commercial operation in 1992-93.
The CPSEs fulfilling the following criteria are eligible to be considered for grant of Maharatna status.
(i) Having Navratna status.
(ii) Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
(iii) Average annual turnover of more than Rs. 25,000 crore, during the last 3 years.
(iv) Average annual net worth of more than Rs. 15,000 crore, during the last 3 years.
(v) Average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.
(vi) Should have significant global presence/international operations.

BHEL wins largest order for solar photovoltaic plants: Report

STATE-owned power equipment maker Bharat Heavy Electricals Limited (BHEL) has won an order for setting up 129 MW Solar Photovoltaic (SPV) power plants in Telangana from Singareni Collieries Company Limited.

Significantly, valued at Rs.565 Crore, this is the largest SPV power plant order won by BHEL till date.

"The plants are to be set up at four locations in Telangana - Ramagundam (50 MW), Yellandu (39 MW), Manuguru (30 MW) and Pegadapally (10 MW), on engineering, procurement and construction (EPC) basis," the Maharatna PSU said in a regulatory filing.

BHEL has more than three decades of expertise in solar...

photovoltaic products and services backed by a dedicated R&D setup. BHEL is one of the very few companies in India, having established capability in major segments of the PV value chain viz., solar cells, PV modules and power conditioning units and systems.

BHEL has significantly contributed to the ‘Make in India’ initiative of GoI and various initiatives for developing and promoting renewable energy based products and services on a sustained basis. The company has also enhanced its state-of-the-art manufacturing lines of solar cells and solar modules. In addition to this, BHEL is assembling space-grade solar panels using high-efficiency cells at its Electronic Systems Division, Bengaluru.

In addition to solar photovoltaic products, BHEL offers complete EPC solutions from concept to commissioning for both off-grid and grid-interactive SPV power plants in various parts of the country including Lakshadweep and Andaman & Nicobar Islands.

The PSU had earlier last week successfully commissioned an 800 MW thermal unit within a record time of 46 months in Telangana.

"The 800 MW set has been commissioned at Kothagudem Thermal Power Station (KTPS) of Telangana State Power Generation Corporation (TSGENCO)," Bharat Heavy Electricals Ltd (BHEL) said in a statement.BHEL has executed this project on Engineering, Procurement and Construction (EPC) basis."Enhanced focus on expeditious project execution has resulted in BHEL creating a new benchmark of successfully commissioning an 800 MW thermal unit within a record time of 46 months. Following the successful commissioning in record time by BHEL, the power plant has attained commercial operation," it added.

Besides the 1x800 MW Kothagudem project, TSGENCO had awarded the 5x800 MW Yadadri project and the 4x270 MW Bhadradari project to BHEL, which are presently under execution.

BHEL is also executing the Steam Generator package at the 2x800 MW Telangana STPP for NTPC in the state, it added.

S.B. Mathur will replace Hemant Bhargava, LIC’s managing director, who was also serving as non-executive chairman at IL&FS

Mumbai: Former LIC chairman S.B. Mathur will be appointed chairman to the board of Infrastructure Financing and Leasing Services (IL&FS), the company decided at a board meeting that was held on Saturday, according to a representative. He will be replacing Hemant Bhargava, LIC’s managing director, who was also serving as non-executive chairman at IL&FS since July.

The company representative said this change in chairmanship was necessary because of the conflict of interest that arose in Bhargava’s role at the head of both LIC and IL&FS.

Railway Safety : Over 55,000 Cases of Theft, 1500 Robberies In Trains In 3.5 Yrs

According to Logical Indian  over 55,000 Cases of Theft, 1500 Robberies In Trains In 3.5 from Indian Trains.

 According to the data collected by Indian Railways, a total of 55,369 cases of theft and 1570 robberies have taken place inside the running trains in the last 3.5 years. This year, between January and June alone, 9,222 cases of theft and 159 cases of robberies were registered, as reported by Money Control.

Moreover, there were 89 instances where the victims were robbed after they had been sedated. Reportedly, the authorities have arrested 1,378 people this year.

In case of theft of luggage, robbery/dacoity in running trains, a passenger can approach train conductor/coach attendants/guards or GRP/RPF escort.They will give the FIR Form which may be duly filled in and handed over to them.The complaint will then be forwarded to the Police station for necessary action.The passenger need not break his journey to lodge a complaint with the police. The passenger can also approach the RPF Assistance Posts at major railway stations for any assistance in lodging the complaint.

Shri Piyush Goyal launches a web portal “Rail Sahyog” today

Indian Railways, with its vast network and presence across the length and breadth of the country, has always been at the forefront to serve the society. Inspired by the vision of Hon’ble Prime Minister for a New India by 2022, Railways is taking various initiatives for upgrading its infrastructure, technology, hygiene among host of other things for an enhanced passenger experience. 

The Indian Railways has identified opportunities in areas wherein corporate collaborations can be fostered which can positively impact the entire ecosystem under Railways. In this regard, the Minister of Railways and Coal, Shri Piyush Goyal launched a web portal www.railsahyog.in today. The web portal will provide a platform for the Corporates and PSUs to contribute to creation of amenities at/near Railway Stations through Corporate Social Responsibility funds. Chairman, Railway Board, Shri Ashwani Lohani with other Railway Board Members, Secretary, Ministry of Coal, Shri Dr Inder Jit Singh and Senior Officials of Railways and Coal were present on the occasion.

The companies desirous of contributing can show willingness on the portal by registering their requests. The requests will be processed by Railway officials. Based on the principle of first come first serve, the requests will be shortlisted and selected applicants will be intimated to deposit the funds with Railways/nominated agencies like RITES/RAILTEL etc. The nominated agency will get the work executed thereafter. 

Speaking on the occasion, Shri Piyush Goyal said that the “Rail Sahyog” portal is an example of changing times & speedy execution of projects in Railways. Salient feature of this portal is its simplicity & transparency. This portal will provide an opportunity for Industry/ Companies/ Associations to collaborate with Railways. This portal will not only be beneficial for passengers but also for neighbourhood of Railway vicinity.” The Minister emphasised that the cost indicated against each of the activities identified to be undertaken in this initiative are only indicative in nature but the main focus would be on ensuring creation of good quality assets through this collaboration. The Minister further added that the portal has been envisaged as a platform for all including individuals as also private & public organisation to contribute towards CSR activities in association with Indian Railways. 

Speaking on the occasion, Shri Ashwani Lohani said, “Rail Sahyog” will remove all hurdles faced by the companies for cooperation with Railways. Individuals, Private companies have the freedom to execute projects in Railways.”

The activities identified to be funded through CSR are :

Construction of toilets in circulating areas of all stations with provision of low cost sanitary pad vending machine & incinerator in female toilets and condom vending machine in male toilets and initial one year maintenance. Approximate Cost per station: Rs. 22-30 Lakh.

Providing free Wi-Fi at stations through setting up Hotspots. Approximate cost per station: Rs. 10.30 lakhs to Rs 12.30 lakhs 

Provision of Benches at station Platforms as facility for senior citizens/disabled. Approximate cost per set: Rs. 17500 to Rs. 47500. 

Bottle crushing machines at 2175 major stations for ensuring environmental sustainability. The empty plastic water/cold drink bottles generated from the Railway passengers will be crushed in these machines to manage plastic pollution. Approximate cost per machine: Rs. 3.5 lakhs to Rs. 4.5 Lakhs. 

Dustbins at all stations for Swachh Bharat will help in preventing littering around. Separate dustbins for wet/dry waste need to be provided at circulating area of Station and Platforms. Approximate cost per set (two dustbins) : Rs. 4500 

Based on the response received, further additional items will be considered for funding through CSR. 

For any information, kindly contact “Rail Sahyog” through e-mail mentioned below:- 

Email: info@railsahyog.in 
To follow “Rail Sahyog” on Facebook & Twitter, kindly see the link below:- 
Twitter- https://twitter.com/RailSahyog

Railways ends 16 caterers' contracts for poor-quality food

The Indian Railways terminated contracts of 16 caterers and imposed penalty of ₹4.87 crore for various lapses in catering services, including poor quality and hygiene, in FY18, Union Minister Rajen Gohain has said. The Railways has fined a vendor ₹1 lakh after a video circulated online showed one of its employees filling water from a train toilet to prepare tea.

Four major international airlines have expressed interest in Air India’s divestment.

Citing people in the know, Times of India reports that British Airways, Lufthansa, Singapore Airlines and a “Gulf carrier” may bid for the airline, and they are scouting for local partners to meet the criterion of “substantial ownership and control”. Overseas carriers can have a joint venture in India provided they have a local partner with at least 51% stake. Reuters reported that Tata Group, a potential suitor, was unlikely to bid for Air India as the government’s terms were too onerous. Jet Airways and IndiGo have already backed out of the race.

Shikha Sharma seeks shorter term at Axis Bank

Shikha Sharma’s term as the chief executive of Axis BankNSE 4.35 % would come to an end in December this year bringing curtains down on a position spanning nearly a decade that began with a tumult and culminate in a shortened term because of the regulator’s reluctance to approve the Axis board’s proposal.

The board of directors of the bank have written to the Reserve Bank of India saying that Sharma has requested them to reduce her fourth term to December 2018, instead of May 2021, triggering a hunt for her successor.

“Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director & CEO of the Bank be revised from 1st June 2018 up to 31st December 2018,” the bank said in a stock exchange filing.

Govt to outsource operations at five railway stations

New Delhi: Indian Railways has decided to outsource operation and maintenance of five railway stations to firms outside state control for 15 years to improve customer experience.

The railway stations, to be outsourced under the pilot project called Integrated Station Management, are Pune, Bengaluru, Secunderabad, Anand Vihar (in New Delhi) and Chandigarh.

These five stations, along with the Habibganj railway station in Bhopal, will take the number of stations in India being privately managed to six.

According to Indian Railways, the stations will be handed over to state-run Indian Railways Station Development Corp. (IRSDC) for a makeover. IRSDC will subsequently invite bids from private firms for operation and maintenance of the stations.

BSNL lines up `4,300 cr for network expansion

State-owned Bharat Sanchar Nigam Ltd (BSNL) will invest about Rs 4,300 crore to expand network in 2018-19, and another Rs 5,000-6,000 crore is likely to be the utilised for government telecom projects, according to a top official. The investment of Rs 4,300 crore earmarked for BSNL's own expansion will primarily go into strengthening the mobile network, upgrading broadband infrastructure and strengthening the core network, its chairman and MD Anupam Shrivastava said. “Rs 5,000 to 6,000 crore will be spent on government projects like Bharat Net, network for spectrum, the Comprehensive Telecom Development Plan for North-east, as well as boosting connectivity to Andaman with optical fibre network, and others,” he said. Other government projects that BSNL is executing include providing bandwidth to Lakshadweep Islands, and connecting remote areas of Arunachal Pradesh, he said. “Government is investing in large connectivity projects, where private players are not going. BSNL is being used as one of the vehicles to execute those projects and we do that work on behalf of the government,” he said. Mr Shrivastava said that the telecom corporation will look to install 12,000 mobile towers for 3G services and 10,000 for 4G services. This will have a provision for 100 per cent expansion mapped to BSNL's 4G services roll-out and spectrum allocation.

Railways plan cheaper Shatabdi rides on some secs

Fares in premium Shatabdi trains on sections with low passenger occupancy could be slashed soon as the railways looks to ensure optimum utilisation of resources, a senior government official has said. The national transporter has identified 25 such Shatabdi trains in which this scheme could be implemented, the official said. “Indian Railway is actively working on a proposal in this regard,” the official said.

The move to lower fares is encouraged by the success of a pilot project launched on two routes last year. In one section, where the pilot scheme was implemented, the earnings went up by 17 per cent and passenger bookings by 63 per cent, the official said. The development comes at a time when the national transporter is facing flak over the flexifare scheme and the general contention that it has led to a spike in fares in Shatabdi, Rajdhani and Duronto trains. The Railways runs around 45 Shatabdi trains and these are among the fastest in the country. The Railways had last year launched a pilot project in two Shatabdi trains, one running between New Delhi and Ajmer and the other between Chennai-Mysuru to study the impact of lowering of fares. Under the scheme, the fares were reduced between Jaipur and Ajmer, and Bengaluru and Mysuru- the sections of the route which witnessed perpetual low occupancy.

“The move yielded positive results for us. What we did was we offered fares in these premium trains equivalent to bus fares plying on the particular stretch,” the official said. In the case of the Shatabdi to Ajmer, he said, the occupancy was low between Jaipur and Ajmer as people preferred to travel by buses which offered more affordable fares. To attract passengers, the Railways decided to match the bus fare in the premium train and reduced the ticket prices to about Rs 300 in this section. Similar step was also taken in the Shatabdi train between Chennai and Mysuru. The fares were reduced between Bengaluru and Mysuru, resulting in 63 per cent growth in passenger bookings on this stretch between January and November last year compared to the corresponding period the previous year. The official said the measures are part of an exhaustive exercise initiated by the Railways for optimum utilisation of resources. One such exercise is reducing the layover time of a train for introducing more services

Indian Railways earns massive Rs 1,000 crore from penalties on ticketless travellers

earns huge Rs 1,097 crore! Imposing penalties on ticketless travellers has helped the national transporter over Rs 1,000 crore – a sum that could see an increase by the end Indian Railways of this financial year. According to an IE report, as many as 2,000 “touts” involved in the black marketing of railway tickets have been booked by Indian Railways across the nation. The whopping amount of Rs 1,097 crore has been saved between the duration of April 2017 to February 2018. According to some Railway officials another Rs 200 crore could be earned in March. In addition to this India Railways earned 600 crore extra per year with the help of “flexi fares” that were introduced two years ago. The flexi fare refers to the increase of fare based on demand in premium trains.

According to some officials, drives have been carried out by a large number of TTE staff, supported by security forces and were backed up by CCTV coverage across major railway stations. During these drives, there were “ambush checks” and “fortress checks” by the officials. Adding to this, the officials also said that the general unreserved class in long-distance trains mostly have a large number of offenders.