Quick update: Govt to get Rs 14,900 crore from oil PSUs on gas price hike

Updated: Aug 1 2013, 02:02am hrs
The government will get additional R14,900 crore by way of royalties and taxes on the incremental gas price accruing to state-owned producers ONGC and Oil India in 2014-15 fiscal, Goldman Sachs has said. The additional revenue will be more than R14,600-crore incremental fertiliser subsidy the government will have to bear on account of doubling the natural gas price to $8.4/mmBtu from April 1, 2014. Net incremental accrual to ONGC/OIL would be $1.34/ mmBtu.

PSU employees may be allowed to join NPS early

The government is considering relaxing norms to enable PSU employees to join the National Pension Scheme (NPS). We have taken up this matter with the department of public enterprises (DPE) secretary and he has prepared a note, which he would be soon taking to the cabinet, Pension Fund and Regulatory Development Authority chairman Yogesh Agarwal said recently. Currently, a CPSU employee needs minimum 15 years of service to join the NPS.

Ansuman Das takes over as full-time CMD of Nalco

Ansuman Das, who was holding the additional charge of chairman-cum-managing director of Nalco, took over as the full-time CMD of the company on July 19. Das has worked in various capacities in Nalco. Subsequently, he rose to the level of general manager (marketing) and was instrumental in forming various marketing policies and strategies for domestic and overseas sales and launching almost all the value-added products of Nalco.

EGoM clears 3.56% stake sale in Neyveli Lignite through IPP

A panel of ministers under finance minister P Chidambaram has cleared disinvestment of 3.56% government stake in Neyveli Lignite through an institutional placement programme (IPP). The issue would be made in early August. The department of disinvestment has originally planned to divest 5% stake in the Tamil Nadu-based mining company. Since the IPP mode is allowed only to meet the minimum pubic holding norm of 10%, the department would now sell only 3.56% or over 5.58 crore shares.

Hindustan Prefab pulls out of Meghalaya housing project

Meghalaya governments ambitious housing project for the urban poor has suffered a major blow with Hindustan Prefab Ltd, a Delhi-based PSU, pulling out of the project owing to manpower shortage. The company engaged in building over 600 low-cost dwelling units for the urban poor under the JNNURM was awarded the project in 2008. The company has expressed its desire to surrender the project, the states urban affairs minister Ampareen Lyngdoh said.