17 PSUs committed to investing over Rs 1.63 lakh cr in FY13 | Firstpost

The government today said 17 central public sector enterprises, including, ONGC, OIL and NTPC, have committed to investing over Rs 1.63 lakh crore during the current financial year.

?The total capital available with Central Public Sector Enterprises (CPSEs), at present which could be invested is the cash and bank balance?stand at Rs 2,84,153.22 crore?,? Minister of heavy Industries and Public Enterprises Praful Patel said in a written reply in the Lok Sabha.

He further said that in a meeting held in January under the chairmanship of Principal Secretary to the Prime Minister, 17 CPSEs ?committed for investment? totalling Rs 1,63,847 crore during the current financial year.

Reuters

?Capital investment by CPSEs depends upon, their corporate plan, various administrative clearances, market conditions and the best judgement of the management of the CPSE,? he added. Capital with the PSUs in term of reserves and surplus during 2010-11 was Rs 6,65,487.72 crore.

Finance Minister P Chidambaram in an interview to PTI had said the central PSUs have been put on notice to either invest their surplus cash or lose it.

He also said that the performance of CMDs of PSUs will be
measured, among other things, on how much their company has invested in terms of the declared intention.

The projected investment during 2012-13 by ONGC was Rs 40,975 crore while that of NTPC and OIL was Rs 20,995 crore and Rs 10,378 crore, respectively.

PTI

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Source: http://www.firstpost.com/business/17-psus-committed-to-investing-over-rs-1-63-lakh-cr-in-fy13-532163.html

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