PSUs To Step Up Capex

With some revival in private investment, the Ministry of Finance is getting over half a dozen PSUs to speed up the construction of projects, add capacity and increase the investment level in the economy. Cash-rich companies such as Coal India, ONGC, SAIL, National Mineral Development Corporation and Hindustan Aeronautics, among others, are being pushed for higher capital expenditure. Just these five companies between them were sitting on a cash pile of nearly Rs 1.35 lakh crore, while there are at least another two – NTPC (over Rs 16000 crore) and Oil India (nearly Rs 11000 crore) – that had a bank balance of over Rs 10000 crore each at the end of March 2012.

SAIL
Awarded Rashtriya Khel Protasahan Puraskar

SAIL has been awarded the Rashtriya Khel Protsahan Puraskar by the President of India, Shri Pranab Mukherjee for ‘Community Sports and Identification and Nurturing of Budding Young Talent’. The award was received by SAIL Chairman C S Verma in the presence of the Minister of State for Youth Affairs & Sports, Ajay Maken. Expressing happiness upon receiving the award, Verma said, “The award, which comes as an acknowledgement towards our efforts, encourages us to work with even greater fervor towards the cause of promoting sports and sportsman spirit in the nation”.

GAIL
Stake Purchase In Repsol's LNG Unit

GAIL is planning to buy a stake in the Canadian-Canaport LNG unit put up for sale by the Spanish firm Repsol. GAIL is looking to acquire the stake through a participating interest in the Gas Natural Fenosa (GNF)-led consortium. Repsol has been scouting for buyers for its 75 per cent stake in the Canaport LNG unit.