PSU Sector: Growth Plans
12/27/2012 9:00 PM Thursday
Submits Plans To Develop 119 Mines
Coal India (CIL) has submitted an initial perspective plan for developing 119 mines allocated to it. The state-owned coal major accounts for over 80 per cent of the country’s domestic production. Earlier, CIL had expressed hope that it can start mining in 13 of the 119 blocks allotted to it in one or two years. The state-owned firm had asked for 138 mines in August 2008 in order to reverse the declining trend of production and to augment output.
CIL presently has 466 mines. It has set a target to produce 464 million tonnes (MT) of coal for the current financial year. In 2011-12, it had produced 435.84 MT and envisages taking its production to the level of 615 MT by 2016-17, the last year of the 12th Five Year Plan.
Set To Raise Rs 5000-7000 Crore Via Sovereign Bonds
Mahanagar Telephone Nigam (MTNL) is planning to raise about Rs 5000-7000 crore by issuing sovereign bonds this fiscal year to reduce its debt burden. They have sought government approval for the sovereign bonds. The timing of the issue depends on government approval.
To Invest Rs 2000 Crore For Solar Gear Making Plant
BHEL plans to invest upto Rs 2000 crore for setting up a solar equipment manufacturing facility having a capacity of 600 MW. BHEL, grappling with persisting headwinds in the power sector, is betting on business diversification spread across various areas including the solar energy and defence sectors. Its move to foray into solar equipment manufacturing comes at a time when the import of cheap solar gears, especially from China, as well as overcapacity are hurting the Indian players. The solar equipment from some countries is coming into India at prices lower than their market value. Currently, there is no customs duty on imported solar power equipment. The company has an existing order book of Rs 1.30 lakh crore.
Govt. To Float OIL's Rs 2500 Crore Issue
The Government of India has decided to sell its 10 per cent stake in oil explorer and producer Oil India (OIL) by January 15, 2013 after some government and industry officials said that it would be difficult to hold effective road shows abroad because of the Christmas-New Year break. This is the first time that the government has given a formal time-frame for OIL's offer for sale that aims to raise Rs 2500 crore.
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