Business & Economy

15 public sector units will
disinvest, go in for IPOs 

What is India News Service, Thursday, 14 October 2004, 1900 hrs IST


The United Progressive Alliance government's disinvestment policy proposes initial public offers in 15 public sector units as well as fresh issues for 20 listed ones. 

\93The 51 per cent shareholding in 20 listed and 15 unlisted profit-making PSUs will be retained by the government,\94 a government official said. Companies with annual turnover of over Rs 500 crore will be considered for IPOs. 

IPOs in companies like Power Finance Corporation, Power Grid Corporation of India Ltd, National Hydroelectric Power Corporation, Bharat Sanchar Nigam Ltd and Neyveli Lignite could be expected in the coming days. 

\93The government will undertake ONGC and Gail-type transactions in Navratnas and profit-making PSUs, which will not result in loss of management control,\94 said an official.

Chidambaram justifies need for more FDI in telecom: While appreciating the Left parties' concern over increased foreign direct investment in the telecom sector, the Government said its plans were justified.

Air India panel clears lease of 3 Boeing 777s: Late Tuesday night, Air India's empowered committee cleared a proposal to lease three Boeing 777-200 aircraft, a move that should help AI launch more flights to London and the US.

TCS second quarter profit soars 52 per cent: Tata Consultancy became the first Indian Indian firm to touch $1 bn revenue in 6 months.

Left seeks review of Electricity Act: The Left parties have written to the Manmohan Singh Government suggesting that public ownership and control was desirable in the power sector as electricity supply was a utility service.

India static in world competitiveness list: It continues to be ranked 30th on the business competitiveness index.

CSIR on top in biotech with 202 patent applications: BASF, Novo Nordisk, Procter and Gamble Co, F Hoffmann La Roche, SmithKline Beecham, Hindustan Lever and Astra Zeneca have moved to the top in biotechnology in India. 

Railways to submit report on modernisation: The Railway Ministry is expected to soon submit to the Prime Minister's Office a comprehensive plan on further modernisation of the Railways with policy thrust on safety.
 
Five Navy ships touring Far East: Five ships of the Indian Navy are now on a tour to five countries in the Far East to enhance bilateral co-operation and strengthen naval ties between India and South Korea, Japan, Philippines, Vietnam and Indonesia.

L&T bags HSBC contract: The engineering, construction and contracts (ECC) division of L&T has bagged a contract to develop a built-to-suit mega project for the HSBC group's data processing centre in Hyderabad. 

Reliance Energy awarded EPC project in Haryana: Reliance Energy Ltd said it has been awarded a Rs 2,097-crore engineering procurement and construction contract to build a 600-MW thermal power station for Haryana Power Generation Corporation Ltd. 

Overall:

15 public sector units prepared to disinvest: The government is paving the way to announce IPOs.

Committee cleared plane deal: Air India could soon be offering more flights to US and the UK.

Left wanted Power Act modified: The government's Leftist allies are saying the electricity infrastructure should remain government property.