PSU banks plan to raise over 50,000 cr

Public sector banks are planning to tap the markets to raise more than Rs 50,000 crore this fiscal. Out of 21 public sector banks, 13 have already taken the approval of their boards or shareholders for raising capital through the equity market. Capital is very much required for these banks as they are saddled with non-performing assets (NPAs) of about ` 10 lakh crore.

NRL to introduce online legal compliance

Numaligarh Refinery Ltd (NRL) in Assam has become the first oil PSU to adopt an online legal compliance system by introducing ‘Legatrix’. The cloud-based compliance management system was inaugurated by Managing Director S K Barua. This initiative will boost up NRL’s contribution towards the Digital India Mission and induce a greater transparency in its operations.

Oil India discovered hydrocarbon in KG Basin

Oil India Limited (OIL), a state-owned PSU has made its second hydrocarbon discovery in Krishna-Godavari (KG) Basin. Thanelanka-1 is the first high pressure-high temperature (HP-HT) well drilled by OIL. Earlier, the company made a gas discovery at Dangeru-l well in the block. In 2017-18, OIL produced 3.39 metric million tonnes (MMT) of crude oil and 2.93 billion cubic meters (BCM) of gas.

1st BEL Representative Office In Vietnam

Raksha Mantri, Nirmala Sitharaman inaugurated the first Representative Office of Navratna Defence PSU Bharat Electronics Limited in Hanoi, Vietnam. Smt Sitharaman handed over the symbolic key of the Representative Office of BEL at Vietnam (VIRO) to Chairman of BEL. The Representative Office will aim to promote BEL’s exports in areas such as Weapon Systems, Radar Systems, Naval Systems etc.

India’s most profitable PSU

Indian Oil Corporation has for the second year in a row beaten ONGC to become India’s most profitable state-owned company. IOC which has for decades been India’s biggest company by turnover posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018. Reliance Industries retained the crown of being India’s most profitable company for the third year in a row.

New method to solve PSU disputes

Cabinet has approved a mechanism within the government for speedy resolution of commercial disputes of central public sector enterprises without cases going to courts. A new two-tier mechanism will be put in place of the existing Permanent Machinery of Arbitration mechanism to resolve such commercial disputes.Cabinet decision is based on the recommendations of the Committee of Secretaries.

Piyush Goyal Launches Coal Mitra Portal

Power Minister Piyush Goyal has launched ‘Coal Mitra’ Web Portal to facilitate Flexibility in Utilization of Domestic Coal. With this Government has also allowed Coal Swapping between PSUs & the Private Sector. This move is aimed at optimum utilisation by private as well as public power companies of the coal. The portal will enhance transparency in coal swapping.