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He informed that till now about 2.80 lakh citizens have given up the LPG subsidy, thereby resulting in saving of Rs 100 crore. While launching the ‘Give it Up’ campaign, he also announced that the government will continue its focus on plugging the leakages of LPG subsidy via direct transfer of subsidy money to consumers’ bank accounts and also focus on expanding the piped natural gas network in the country to cover 10 million households over the next four years.

Finance Minister Arun Jaitley, on this occasion, said that the recent drop in crude oil prices has had a positive impact on the economy and helped the government to rein in high interest rates and inflation. However, at the same time it has hurt the oil marketing companies in the form of inventory losses owing to this sudden drop. Dharmendra Pradhan, Minister of State for Petroleum & Natural Gas (I/C) called for collective efforts from the public and private sectors for development. The minister further said that public sector oil companies have made tremendous contribution to the growth and development of India and have not only been a source to reach products to the nook and corner of the country but have also chipped in for rescue and relief engagements whenever the country has needed them.

BHEL bags Rs 5,000 crore contract in Telangana

State-owned power equipment maker, BHEL, has bagged over Rs 5,000-crore contract for executing a thermal power project in Telangana.The order envisages setting up a thermal plant at Manuguru in Khammam district of Telangana. BHEL’s scope of work in the project includes design, engineering, manufacture, supply, construction, erection, testing and commissioning of 4x270 MW thermal sets on an EPC basis. The project is targeted to be commissioned in 24 months.

Ashok Leyland to realise $10.96 mn through 100 per cent divestment

Ashok Leyland has divested its entire stake of 100 per cent ownership interest held in Avia Ashok Leyland Motors to a strategic investor as part of restructuring of investment in subsidiaries. The relevant agreements to this effect have been signed and closure of the deal has been completed. Consequent to the above, Avia Ashok Leyland Motors has ceased to be a wholly-owned subsidiary of the company with immediate effect. The above transaction has resulted in cash realisation of USD 10.96 million to the company.