PSUs

sail-chairman-ak-chaudhary-nominated-as-chairman-of-cii-pse-council

SAIL Chairman AK Chaudhary nominated as Chairman of CII PSE Council

New Delhi, 30.09.2020: The Confederation of Indian Industries (CII) has nominated Anil Kumar Chaudhary, Chairman, SAIL as the Chairman of its PSE Council that plays a vital role in the overall functioning of CII.

Formed in 2007, the Council works with Government and the public sector enterprises on various policy issues and serves as a reference point for the industry. Today, it has 96 members which include 10 Maharatnas, 14 Navratnas and 72 Miniratnas.

The CII Council has been taking up various transformative development agenda to build systematic and active engagements with the Central Public Sector Enterprises (CPSEs) with the latest being focusing on the path charted by Prime Minister for a self-reliant India.

Accordingly, the annual flagship event of the Council scheduled to be held shortly is being planned on the lines and visions of “Atmanirbhar Bharat”.

 The Chairman of CII PSE Council acts as the key interface between the government and the members of the Council. The Chairman also represents the Council in all the meetings and networking with the government/policymakers for taking forward the economic and enterprise policy advocacy framework.

On this appointment, AK Chaudhary commented, “Every responsibility comes with expectations towards the fulfillment of related milestones. The position of Chairman CII PSE Council also carries with it the responsibility of protecting the interests of all member PSEs. CII is a premier industry body acting as a channel and platform for the industry and as the Chairman of its PSE Council, my focus would be on this aspect by channelizing their efforts towards building an “Atmanirbhar Bharat”.

28 minutes ago
nhpc-recommends-a-dividend-of-rs-1-50-per-equity-share-for-the-year-2019-20

NHPC recommends a dividend of Rs.1.50 per equity share for the year 2019-20

NHPC Limited, in its  44th Annual General Meeting (AGM) on 29th September 2020 recommended a dividend of Rs.1.50 per equity share for the year 2019-20, which was inclusive of the interim dividend of Rs.1.18 per equity share paid in March 2020. 
A.K. Singh, CMD, NHPC addressed the shareholders at the AGM wherein members of NHPC Board and Company Secretary, NHPC were also present. He informed that the Company had earned a total revenue of Rs. 9,771.59 crore, revenue from operations (net) of Rs. 8,735.41 crore and Net Profit After Tax (PAT) of Rs. 3,007.17 crore during the FY 2019-20.
Singh also said that NHPC had achieved its highest-ever annual generation of 26,121 Million Units (MUs) surpassing the previous highest generation of 24,193 MUs during the financial year 2018-19. 
Singh also informed about MoUs signed with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a Joint Venture Company (JVC) to plan and develop techno-commercially feasible floating solar power projects of 500 MW in Odisha, and with Hydroelectricity Investment and Development Company Limited (HIDCL), a company owned by Govt. of Nepal for joint cooperation to develop hydropower projects in Nepal.
The Company has also received in-principle approval from MNRE for enhancement of Solar Park capacity (from 100 MW to 140 MW) in Odisha, which envisages the development of two projects of 40 MW and 100 MW.

1 hour ago
sail-chairman-ak-chaudhary-nominated-as-chairman-of-cii-pse-council

SAIL Chairman AK Chaudhary nominated as Chairman of CII PSE Council

By IndianMandarins 28 minutes ago

New Delhi, 30.09.2020: The Confederation of Indian Industries (CII) has nominated Anil Kumar Chaudhary, Chairman, SAIL as the Chairman of its PSE Council that plays a vital role in the overall functioning of CII.

Formed in 2007, the Council works with Government and the public sector enterprises on various policy issues and serves as a reference point for the industry. Today, it has 96 members which include 10 Maharatnas, 14 Navratnas and 72 Miniratnas.

The CII Council has been taking up various transformative development agenda to build systematic and active engagements with the Central Public Sector Enterprises (CPSEs) with the latest being focusing on the path charted by Prime Minister for a self-reliant India.

Accordingly, the annual flagship event of the Council scheduled to be held shortly is being planned on the lines and visions of “Atmanirbhar Bharat”.

 The Chairman of CII PSE Council acts as the key interface between the government and the members of the Council. The Chairman also represents the Council in all the meetings and networking with the government/policymakers for taking forward the economic and enterprise policy advocacy framework.

On this appointment, AK Chaudhary commented, “Every responsibility comes with expectations towards the fulfillment of related milestones. The position of Chairman CII PSE Council also carries with it the responsibility of protecting the interests of all member PSEs. CII is a premier industry body acting as a channel and platform for the industry and as the Chairman of its PSE Council, my focus would be on this aspect by channelizing their efforts towards building an “Atmanirbhar Bharat”.

nhpc-recommends-a-dividend-of-rs-1-50-per-equity-share-for-the-year-2019-20

NHPC recommends a dividend of Rs.1.50 per equity share for the year 2019-20

By IndianMandarins 1 hour ago

NHPC Limited, in its  44th Annual General Meeting (AGM) on 29th September 2020 recommended a dividend of Rs.1.50 per equity share for the year 2019-20, which was inclusive of the interim dividend of Rs.1.18 per equity share paid in March 2020. 
A.K. Singh, CMD, NHPC addressed the shareholders at the AGM wherein members of NHPC Board and Company Secretary, NHPC were also present. He informed that the Company had earned a total revenue of Rs. 9,771.59 crore, revenue from operations (net) of Rs. 8,735.41 crore and Net Profit After Tax (PAT) of Rs. 3,007.17 crore during the FY 2019-20.
Singh also said that NHPC had achieved its highest-ever annual generation of 26,121 Million Units (MUs) surpassing the previous highest generation of 24,193 MUs during the financial year 2018-19. 
Singh also informed about MoUs signed with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a Joint Venture Company (JVC) to plan and develop techno-commercially feasible floating solar power projects of 500 MW in Odisha, and with Hydroelectricity Investment and Development Company Limited (HIDCL), a company owned by Govt. of Nepal for joint cooperation to develop hydropower projects in Nepal.
The Company has also received in-principle approval from MNRE for enhancement of Solar Park capacity (from 100 MW to 140 MW) in Odisha, which envisages the development of two projects of 40 MW and 100 MW.

pfc-signs-mou-with-govt-of-india-detailing-targets-for-fy-2020-21

PFC signs MoU with Govt of India detailing targets for FY 2020-21

By IndianMandarins 23 hours ago

New Delhi, 29th September: Power Finance Corporation Ltd (PFC) has signed a performance-based ‘Memorandum of Understanding’ (MoU) with the Ministry of Power, Govt. of India detailing various targets to be achieved by PFC during FY 2020-21.

The MoU was signed by Union Power Secretary Sanjiv Nandan Sahai and R.S. Dhillon, CMD, PFC in presence of senior officials of MOP and PFC. 

Govt. of India has set an ambitious revenue target of Rs. 36,000 Crs along with various performance-related parameters such as Operating Profit as a percentage of Revenue from Operation, PAT as a percentage of Average Net-worth and Non-financial parameters viz., IPDS-related parameters.

PFC has been delivering exemplary performance from the past years and the ratings from the Government of India stands testimony to the performance.

new-cvo-for-aai-hpcl-sail-nbcc-pfc-dot

New CVO for AAI, HPCL, SAIL, NBCC, PFC & DoT

By IndianMandarins 23 hours ago

The NaMo administration on Monday cleared the appointment of Chief Vigilance Officer (CVO) in AAI, HPCL, SAIL, NBCC, PFC & DoT. Accordingly;

  • Amal Garg (IRS IT:1995) appointed as CVO, Airports Authority of India (AAI) for an initial period of three years.
  • Ashwini Kumar Tiwari (IDAS:1994) appointed as CVO, Hindustan Petroleum Corporation Limited (HPCL), Mumbai for an initial period of three years.
  • Vineet Pandey (IRSEE:1994) appointed as CVO, Steel Authority of India (SAIL) for an initial period of three years.
  • Ms Shalini Darbari (IRAS:1990) appointed as CVO, National Building Construction Corporation Ltd (NBCC) for an initial period of three years.
  • Ms Simmi R Nakra (IP&T AFS:1994) appointed as CVO, Power Finance Corporation (PFC) for an initial period of three years.
  • Amitabh Gautam (IFS:1989:HP) appointed as CVO, Department of Telecommunications (DOT) for a period upto 05 July 2022 (combined 07 years).

coal-block-auction-today-is-the-last-date-for-bid-submission

Coal block Auction: Today is the last date for bid submission

By IndianMandarins 29 Sep 2020

In the present tranche of  Coal Block Auctions, the Nominated Authority will receive the bids till 2 PM on September 29, and bid opening will be taken up at 10 am on September 30, 2020, the Ministry of Coal stated on September 28. It further informed that 278 Tender documents were purchased by the prospective bidders in respect of 38 Coal Mines.

despite-the-spike-in-the-cost-of-raw-materials-iffco-won-t-increase-fertilizer-prices

Despite the spike in the cost of raw materials, IFFCO won't increase fertilizer prices

By IndianMandarins 29 Sep 2020

New Delhi: Despite a "huge" spike in the cost of raw materials in international markets, Indian Farmers Fertilizer Cooperative Limited (IFFCO) has assured that it will not increase the Maximum Retail Price of DAP and NPK fertilizers.

Dr Udai Shanker Awasthi, MD & CEO of IFFCO affirmed in a tweet that there was no plan to increase the MRP of DAP and NPK fertilizers during rabi season as “our aim is to serve the farmer community by reducing input agri cost for them which is in line with Prime Minister Narendra Modi’s clarion call of Atma Nirbhar Bharat. It also aims to double the farmers' income by 2022".

IFFCO is a leading cooperative society engaged in the business of manufacturing and marketing of fertilizers. It has five manufacturing plants in India. 

rec-holds-its-51st-annual-general-meeting

REC holds its 51st Annual General Meeting

By IndianMandarins 28 Sep 2020

The 51st Annual General Meeting (AGM) of REC Limited was, on 25 Sept 2020, held through Video Conferencing (VC). The meeting was held in the presence of S K Gupta - CMD REC LimitedAjoy Choudhary - Director (Finance), REC Limited, Mritunjay Kumar Narayan (IAS)- Government Nominee Director & Chairman of Audit Committee, Praveen Kumar Singh - Nominee Director of PFC (holding company of REC) and Chairman of Stakeholders Relationship Committee along with J S Amitabh - Executive Director & Company Secretary REC Limited. In addition, 208 shareholders attended the AGM through VC and other means.

During the financial year 2019-20, REC sanctioned total loan assistance of Rs. 1,10,907.99 crore towards various power sector projects/schemes. The same included Rs. 55,811.89 crore sanctioned towards generation projects, Rs. 7,026.33 crore towards renewable energy projects, Rs. 41,604.77 crore towards T&D projects and Rs. 6,465.00 crore towards short term, medium term & other loans. Furthermore, the company’s Net Profit and Total Comprehensive Income stood at Rs. 4,886.16 crore and Rs. 4,336.37 crore respectively.

Under the ‘Aatmanirbhar Bharat’ package of the Government of India, REC has disbursed Special Long-Term Transition Loans to DISCOMs for making payment to generators, as they were facing a severe cash crunch owing to the pandemic. These loans provided much-needed relief to the power sector by injecting liquidity.

cag-questions-the-strategic-sale-of-one-psu-to-another

CAG questions the strategic sale of one PSU to another

By IndianMandarins 27 Sep 2020

The Comptroller and Auditor General (CAG) has questioned the rationality of the “strategic sale” of one state-owned PSU to another state-owned entity.

During FY 2018-2019, there were four transactions involving the sale of National Projects Construction Company (NPCC) to WAPCOS Corporation, Rural Electrification Corporation (REC) to Power Finance Corporation (PFC), Dredging Corporation (DCIL) to port trusts, and HSCC (India) to NBCC. Similarly, CAG red-flagged the sale of shares held by SUUTI that was treated as disinvestment receipts. SUUTI was carved out to take over shares held by the erstwhile UTI.

Union Cabinet’s objective of ‘strategic sale’ was to minimize the burden of the bulk of ailing companies. Instead of disposing off such burdens, DIPAM resorted to selling one PSU to another. For example, the government had sold HPCL to ONGC.

The auditor in its report, tabled in Parliament, categorically underlined that  “such disinvestments only resulted in the transfer of resources already with the public sector to the government and did not lead to any change in stake of the public sector/government in disinvested PSUs”.

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