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

Monday, October 14, 2019

NHPC takes over Lanco Teesta Hydro Power Limited

NHPC Limited, India’s premier hydropower company, has completed the formalities for the takeover of the 500 MW (125 MW x 4) Teesta VI HEP on Teesta River by remitting the resolution plan consideration of Rs.897.50 Crore to the account of Lanco Teesta Hydro Power Limited for distribution to all the creditors as per the Approved Resolution Plan. Shri A. K. Singh, Executive Director (PMSG) on behalf of NHPC as the Chairman of the Taking Over Committee in the august presence of Shri Balraj Joshi, Chairman & Managing Director, NHPC and other functional Directors, completed the takeover from the Resolution Professional, of Lanco Teesta Hydro Power Limited, Shri Huzefa Fakhri Sitabkhan at New Delhi on 9th October 2019.

The Reconstituted Board of Directors of Lanco Teesta Hydro Power Limited consisting of Shri Ratish Kumar, Director (Projects), Shri D. Chattopadhyay, Executive Director – Regional Office, Siliguri, Shri Vijay Kumar, Executive Director (Finance) and Dr. Kamla Fartyal, Chief General Manager (Medical Services) as nominees of NHPC held a meeting to discuss on the way forward for the Company. Lanco Teesta Hydro Power Limited is now a wholly owned subsidiary of NHPC Limited.

NHPC Limited is a Mini-Ratna company under Ministry of Power and this is the first time that a state run company has bagged a project under IBC.

The project will be implemented at an estimated project cost of Rs. 5,748.04 crore (at July 2018 price level), which includes a bid amount of Rs. 897.50 crore for acquisition. Earlier in March 2019, the Cabinet Committee on Economic Affairs had approved the proposal for acquisition of Lanco’s 500 MW Teesta Hydroelectric Power Project in Sikkim and execution of balance works for the Teesta VI Project. The project will be completed in a period of 5 years.

GRSEL: Cmde Hari appointed Director, Personnel

The public-sector headhunter on Monday selected Cmde Hari PR for the post of Director (Personnel), Garden Reach Shipbuilders & Engineers Ltd (GRSEL). Presently, he is Chief General Manager, GRSEL. Altogether five candidates were interviewed at a selection meeting held at PESB.

Thursday, October 3, 2019

KS Dhatwalia appointed new chief of PIB

The government on Monday appointed Kuldeep Singh Dhatwalia as the new chief of its publicity wing, the Press Information Bureau (PIB).

Dhatwalia succeeds outgoing PIB chief Sitanshu Kar, who retired after a 35-year stint in the information services, of which his longest tenure was as spokesperson of the ministry of defence.

Dhatwalia, a 1984 batch IIS officer has been serving as director general training and research in the ministry of information and broadcasting, and holds additional charge of DG of the Indian Institute Mass Communication (IIMC).

Mallikarjuna Rao appointed Punjab National Bank’s new MD

S S Mallikarjuna Rao has been appointed the new Managing Director of Punjab National Bank, the country's second largest public sector bank.

Rao, who was the Managing Director & CEO of Allahabad Bank, will be at the helm of PNB till September 18, 2021 or until further orders, whichever is earlier, according to an order issued by the Finance Ministry.

Saturday, August 24, 2019

Oil marketing companies have stopped refuelling Air India planes at six airports

Oil marketing companies have stopped refuelling Air India planes at six airports – Kochi, Pune, Patna, Ranchi, Vizag and Mohali – over non-payment of dues. That has forced aircraft flying to these cities to upload double the fuel quantity at the origin airport. That, Times of India says, increases the plane’s weight, likely resulting in passengers being offloaded on long routes. The cash-strapped airline, which owes oil companies about ₹3,000 crore, has sought an emergency funding of ₹2,500 crore from the government as debt.

Sunday, July 7, 2019

PNB detects fraud of ₹3,805.15 crore by Bhushan Power & Steel

Punjab National Bank on Saturday said it has detected a fraud of ₹3,805.15 crore by Bhushan Power & Steel Ltd and has reported it to the RBI. PNB added that the steelmaker misappropriated bank funds and manipulated books to raise funds from consortium lender banks. The disclosure comes as PNB is recovering from a ₹14,000-crore fraud by diamantaire Nirav Modi.

Saturday, June 29, 2019

Dr Nalin Shinghal takes over as CMD, BHEL

Dr Nalin Shinghal is the new CMD, BHEL, he was selected last year in December by the selection board, he is an IRTS officer.Shinghal holds a BTech degree in Electrical Engineering from IIT-Delhi and PGDM from IIM Calcutta. He has worked with the Indian Railways Traffic Service (IRTS) in various capacities in Operations, Commercial & Marketing functions and also with PSUs like CONCOR, IRCTC and CEL, in diverse areas. He has also worked with the Long Range Decision Support group of the Ministry of Railways.

Sunday, June 23, 2019

Get free Hotstar Premium subscription with BSNL Superstar 300 broadband plan

BSNL's new Superstar 300 broadband plan is priced at Rs 749 per month. Under it, the company offers 300GB of high-speed data at 50Mbps.

Bharat Sanchar Nigam Limited (BSNL) has announced a new broadband plan dubbed Superstar 300 for Rs 749. Along with this plan the company is giving its users complimentary access to Hotstar Premium subscription. This will allow users to access all of Hotstar’s originals, live sports, movies and TV shows.

Saturday, May 25, 2019

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.

Friday, May 24, 2019

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.

Sunday, April 14, 2019

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.

Sunday, March 31, 2019

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.

Thursday, March 28, 2019

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.

Thursday, February 21, 2019

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.

Friday, January 25, 2019

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.

Thursday, January 17, 2019

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.

Sunday, September 16, 2018

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.

Saturday, September 15, 2018

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.

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