Stepping On The Gas

Indian PSU companies are going from strength to strength, signing new deals and capitalising on fresh resources.

GAIL
Inks Pact With ONGC

GAIL India has signed an agreement to buy all the natural gas produced by the Oil and Natural Gas Corporation (ONGC) from its existing and new fields. GAIL will hold the exclusive marketing rights for all the gas produced by ONGC for a three-year period, which can be extended on mutual consent. The gas utility would also market some of the chemicals to be produced in the Dahej petrochemical complex being set up by ONGC Petro-additions (OPaL), a subsidiary of ONGC.

LIC
8 Per Cent Growth In Q1 New Business

Life Insurance Corporation (LIC) has recorded a growth of 8.3 per cent in its new business, with premium collection of Rs 14451 crore in the quarter ended June 30, 2012 as against new business premium of Rs 13341.97 crore in the same period of the previous fiscal. During June 2012, LIC garnered first premium worth Rs 5236.27 crore, as per data released by the Insurance Regulatory and Development Authority (IRDA). The entire private sector taken together has recorded a marginal growth in new business, with first premium collection of Rs 5000.33 crore as against Rs 4940.89 crore in the same quarter of the previous fiscal.

BHEL
Commissions Solar Plant In Karnataka

Bharat Heavy Electricals (BHEL) has commissioned a 5 MW grid-connected solar power plant at Shivanasamudram near Mandya in Karnataka. The company has commissioned 15 MW of solar power plants in various parts of the country during FY2011-12.

The Shivanasamudram project set up for the Karnataka Power Corporation is the single largest solar photovoltaic power plant in the state. BHEL's scope of work included the design, manufacture, supply, erection and commissioning of the solar power plant. BHEL will also operate and maintain the plant for a period of three years.

Oil India
Finds New Reserves

Oil India (OIL) has struck oil for the first time at Poonam Singh ki Dhani in the Nachna area of Jaisalmer. The digging of an oil well is going on at the allotted block RJON 2004/2 NILP/16 in Nachna area, and good quality oil reserves have been found at a depth of 1230 metres. Samples of the findings have been sent for testing. OIL will also dig one more well near the existing one to find out if there are more reserves.