PSU chiefs call for expediting core projects

The chiefs of the countrys biggest public sector undetakings (PSUs) today petitioned the government to tackle the issues related to the short-supply of coal and delayed clearance of core sector projects

The chiefs of the countrys biggest public sector undetakings (PSUs) today petitioned the government to tackle the issues related to the short-supply of coal and delayed clearance of core sector projects.

At a meeting called by finance minister P Chidambaram with the heads of nine PSUs here on Wednesday,the companies conveyed their commitment to ramp up investments by dipping into their cash reserves,which cumulatively add up to nearly Rs 1.8 lakh crore. The meeting was also attended by secretaries of various administrative ministries dealing with each of the sectors where these utilities operate.

After the meeting,NTPC CMD Arup Roy Choudhury said the company plans to invest Rs 20,000 crore this fiscal and was confident of the capex plan.

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We also discussed problems related to coal in the presence of coal secretary, he said,adding that there could be some direction from the finance minister on the fuel linkage soon. The meeting was attended by eight of the nine PSUs that were invited,including SAIL,ONGC,Coal India,NMDC,Oil India,and BHEL.

B Prasada Rao,CMD of BHEL,also raised the issue of project clearances and coal availability. He said,The order book at the end of Q1 is at Rs 1.35 lakh crore. Our basic trouble is the various problems plaguing the power sector. Our investments are connected to the power sector. Clearances and also coal linkages continues to be a problem.

Coal India CMD S Narsing Rao said,Capital investment plan for the current and next 5 year plan was discussed. We have a plan for our Rs 25,400 crore (investment) for the current five year plan,plus another Rs 14,500 crore if certain conditions are made. So that takes us to Rs 40,000 crore total.

SAIL chairman CS Verma said,Our capital investment plan of Rs 45,000 crore has already been firmed up for the 12th five year plan.

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ONGC chairman Sudhir Vasudeva said that for the 12th five year plan,the company plans to make an investment of Rs 1.64 lakh crore.

Ready to invest

* Eight PSU chiefs meet FM and commit to ramp up investment

* Petitioned the government to tackle short-supply of coal

* NTPC CMD says company plans to invest R20K crore this fiscal