Government plans to divest only 10 percent stake in PSUs

Pranab MukherjeeThe Finance Minister of India, Mr. Pranab Mukherjee has indicated that government is not going to sell more than 10% in any of the state owned firm for now, as government has an objective to get maximum price for selling stake in the public sector units.

Government to disinvest stake in 6-7 PSUs in next ten months

Government to disinvest stake in 6-7 PSUs in next ten monthsThe Finance Secretary, Mr. Ashok Chawla, disclosing government's disinvestment plans said that the centre is likely to divest stakes in at least six Public Sector Undertakings in coming 10 months.

Declining to divulge more details, he said that the names of PSU's will be announced at later stages.

Cabinet gets nod for Chennai Metro Rail Project

PranabUnion Cabinet Committee for Economic Affairs has finally approved Chennai Metro Rail Project at a meeting chaired by External Affairs Minister Pranab Mukherjee on January 28, 2009.

The project entails an investment worth Rs 14,600 crore and it would cover a total length of over 45 km, connecting Washermanpet and Chennai Airport and Chennai Fort and St Thomas Mount, with both the corridors partially running underground.

BHEL picks another prestigious order worth Rs 990 crore from Rajasthan Rajya Vidyut

State-runBharat Heavy Electricals Ltd power equipment maker Bharat Heavy Electricals has received another prestigious order worth Rs 990-crore order from Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL).

Under the arrangement, BHEL will setup two units of 250 MW thermal power plants in Rajasthan.

BHEL bags order worth Rs 2200 crore

Biggest power-equipment maker and majority state-owned Bharat Heavy Electricals Limited (BHEL) has won a contract worth Rs 2,200 crore, for setting up a Combined Cycle Power Plant in Tripura on turnkey basis.

The contract consists of two combined cycle modules (363.3 MW each) with a combined plant output of 726.6 MW and the order has been placed by ONGC Tripura Power Company Ltd (OTPCL), a joint venture of ONGC, IL&FS and the Government of Tripura.

BEML secures Rs 31 crore contract from Indian Rail Board

Second largest manufacturer of earthmoving equipment in Asia, Bharat Earth Movers Ltd (BEML) has received Rs 31-crore development contract from the Indian Rail Board to design and develop the country’s first stainless steel AC EMU coaches.

The contract involves design, manufacture, supply, testing and commissioning of two rakes or 18 units SS EMU coaches over the next two years.

BEL in talks with BHEL to form JV in Solar Energy Sector

PSU Bharat Electronics Limited (BEL) and Bharat Heavy Electricals Limited (BHEL), well-known power equipment major, are presently in the process of finalizing a joint venture to tap the huge potential in the solar energy sector.

According to sources, both the PSUs have in principle agreed to form an equal partnership joint venture to set up a polycrystalline silicon manufacturing unit in Bangalore. Both partners plan to invest Rs 1000 crore.

Polycrystalline silicon is the raw material for manufacturing solar panels.

BEML bags order worth Rs 52 crore from DMRC

Indian Public Sector Undertaking Bharat Earth Movers Limited (BEML) has secured an order worth Rs 52 crore from Delhi Metro Rail Corporation (DMRC) for indigenous design and development of eight cars.

The order is for upgrading eight rail cars having higher passenger carrying capacity. BEML has taken initiatives to design and develop low cost metro cars for the first time in the country.

SBI raises PLR to 13.75%

Country's largest lender State Bank of India (SBI) announced on Monday that the Bank has revised the Benchmark Prime Lending Rate (referred to as SBAR) from 12.75% p.a. to 13.75% p.a. with effect from August 12, 2008.

SBI's move follows Housing Development Finance Corp, which raised its prime lending rates at the end of July, and other banks such as HDFC, ICICI Bank, IDBI Bank, Bank of India, Axis Bank, Canara Bank, and Yes Bank.

Power Grid Corporation to pump Rs 9,436 crore in various projects

The state-owned Power Grid Corporation of India Limited (PGCIL) plans to invest Rs 9,436.28 crore in various projects during the current financial year.

These various projects include parts of transmission networks for the northern and eastern regions of the country at a cost of Rs 7075 crore, and a supplementary transmission system for the Maithon Right Banks project costing Rs 2361 crore.

The two projects are scheduled to be completed in 48 months.