CONCOR

bpcl,-concor-and-air-india-sale-to-be-delayed;-likely-after-march

BPCL, Concor and Air India sale to be delayed; likely after March

It is likely that the government may not be able to complete sale of BPCL, Concor, and Air India by March-end. Actually the government has to respond to what the potential bidders ask for. Sometimes, they seek time to examine financial statements. Sometimes, they want to do physical due diligence.

The delay in divestment plans comes when the government’s fiscal deficit has touched 115 per cent of the FY20 Budget estimate by November. Besides, revenue from other sources such as taxes is also likely to fall short of the target. The government may miss the tax target of Rs 24.6 lakh crore by at least Rs 2 lakh crore on account of the corporation tax rate cut, lacklustre GST collections, and the economic slowdown. As much as 42 per cent of the revenue collections (excluding cess and surcharge) will go to states.

The government had set a disinvestment target of Rs 1.05 lakh crore for 2019-20. However, in FY20 so far, the government has managed to raise Rs 17,364 crore through disinvestment; 84 per cent of its disinvestment target is yet to be realised.

03 Jan 2020
crack-within:-rss-affiliate-sjp-opposes-sale-of-pses

Crack within: RSS-affiliate SJP opposes sale of PSEs

On one hand the Modi government is trying to infuse more liquidity into the market by trying to disinvest some of the PSUs on the other one of the affiliate organizations of the Rashtriya Swayamsevak Sangh – Swadeshi Jagran Manch -- is opposed to sale of PSEs including of the BPCL.

This is to recall that the Modi government had to surrender its reforms agenda particularly Land Acquisition bill, in the face of opposition from within the Sangh Parivar five year ago. The government is facing renewed resistance from SJM on privatising PSEs.

The government has proposed strategic sale in PSEs including in profit-making BPCL, to meet its disinvestment target, which would help shore up GST shortfalls and manage the mounting fiscal deficit. The SJM is of the view that the Modi government’s proposed strategic disinvestment of PSEs was an “imprudent business decision” and “against national interest”.

The SJM demanded a white paper on the previous disinvestment of HPCL, where ONGC acquired the equity. How has this benefited the operations of HPCL. Not just SJM, but the Congress, TMC and Left parties opposed privatisation and disinvestment of 28 PSEs.

On the strategic sale in BPCL, it said rumours are doing rounds that the Saudi Aramco is eyeing these assets. “This is not only unacceptable but also dangerous. The asset created with the national sentiments and hard work shouldn’t land up in the lap of the foreign oil companies — who see these assets only as a statistic to swell their valuation,” the SJM said.

02 Dec 2019
bpcl,-concor-and-air-india-sale-to-be-delayed;-likely-after-march

BPCL, Concor and Air India sale to be delayed; likely after March

By IndianMandarins 03 Jan 2020

It is likely that the government may not be able to complete sale of BPCL, Concor, and Air India by March-end. Actually the government has to respond to what the potential bidders ask for. Sometimes, they seek time to examine financial statements. Sometimes, they want to do physical due diligence.

The delay in divestment plans comes when the government’s fiscal deficit has touched 115 per cent of the FY20 Budget estimate by November. Besides, revenue from other sources such as taxes is also likely to fall short of the target. The government may miss the tax target of Rs 24.6 lakh crore by at least Rs 2 lakh crore on account of the corporation tax rate cut, lacklustre GST collections, and the economic slowdown. As much as 42 per cent of the revenue collections (excluding cess and surcharge) will go to states.

The government had set a disinvestment target of Rs 1.05 lakh crore for 2019-20. However, in FY20 so far, the government has managed to raise Rs 17,364 crore through disinvestment; 84 per cent of its disinvestment target is yet to be realised.

crack-within:-rss-affiliate-sjp-opposes-sale-of-pses

Crack within: RSS-affiliate SJP opposes sale of PSEs

By IndianMandarins 02 Dec 2019

On one hand the Modi government is trying to infuse more liquidity into the market by trying to disinvest some of the PSUs on the other one of the affiliate organizations of the Rashtriya Swayamsevak Sangh – Swadeshi Jagran Manch -- is opposed to sale of PSEs including of the BPCL.

This is to recall that the Modi government had to surrender its reforms agenda particularly Land Acquisition bill, in the face of opposition from within the Sangh Parivar five year ago. The government is facing renewed resistance from SJM on privatising PSEs.

The government has proposed strategic sale in PSEs including in profit-making BPCL, to meet its disinvestment target, which would help shore up GST shortfalls and manage the mounting fiscal deficit. The SJM is of the view that the Modi government’s proposed strategic disinvestment of PSEs was an “imprudent business decision” and “against national interest”.

The SJM demanded a white paper on the previous disinvestment of HPCL, where ONGC acquired the equity. How has this benefited the operations of HPCL. Not just SJM, but the Congress, TMC and Left parties opposed privatisation and disinvestment of 28 PSEs.

On the strategic sale in BPCL, it said rumours are doing rounds that the Saudi Aramco is eyeing these assets. “This is not only unacceptable but also dangerous. The asset created with the national sentiments and hard work shouldn’t land up in the lap of the foreign oil companies — who see these assets only as a statistic to swell their valuation,” the SJM said.

liquidity-crunch:-govt-to-offload-its-stake-in-bpcl-and-4-other-cos

Liquidity Crunch: Govt to offload its stake in BPCL and 4 other Cos

By IndianMandarins 21 Nov 2019

The government is constantly under pressure to pep up economic growth of the country and in one such move Cabinet Committee on Economic Affairs has approved disinvestment of BPCL, Shipping Corp, THDC India and NEEPCO and most of its stake in Container Corp.

The government decides to give up management control in these companies. The CCEA has also given an in-principle approval for the government to reduce stake in certain state-owned companies to below 51 per cent in some while retaining majority stake management control.

The government at the moment is racing against time to meet its divestment target of Rs 1.05 lakh crore for 2019-20 but the Centre hopes that disinvestment proceeds will make up for some of the revenue shortfall that is expected this year.

Finance Minister Nirmala Sitharaman said that privatisation of BPCL will be without the company’s equity shareholding of 61.65 per cent in Numaligarh Refinery in Assam. “The Numaligarh Refinery will be carved out of BCPL and will be taken over by another state-owned company,” said Sitharaman. The remaining 38.35 per cent stake is held by the Assam government (12.35 per cent) and Oil India (26 per cent).

The government will offload its entire 53.29 per cent stake in BPCL, 63.75 per cent stake in Shipping Corp, and 30.8 per cent stake in Container Corp.The centre owns 54.8 per cent stake in Concor.

many-profit-making-psus-may-be-sold-out-soon

Many profit making PSUs may be sold out soon

By IndianMandarins 26 Sep 2019

This will be for the first time when government completely exits from profit-making Central PSUs. The plan is to bring down government equity to zero in these three companies in phased manner. Though it was indicated in the budget that equity in PSUs would be brought down to below 51 per cent.

Reportedly, the Centre is all set to move a cabinet note for sale of its stake in major PSUs that included BPCL, CONCOR and Shipping Corporation of India (SCI).

At present, the government holds 63.75% equity in SCI, 54.8% in CONCOR and 53.29% stake in BPCL.

The government increased its disinvestment target to over Rs 1 lakh crore for the current financial year in the last budget.

It is also proposing to sell its 75% stake in THDC to NTPC, while 100 percent of its stake in North Eastern Electric Power Corporation Limited (NEEPCO) to NHPC.

 

nsc:-arora-appointed-director-(commercial)

NSC: Arora appointed Director (Commercial)

By IndianMandarins 19 Jul 2019

Manohar Lal Arora (Senior GM, CONCOR) was on Thursday appointed to the post of Director (Commercial) National Seeds Corporation of India Limited till 30.09.2021; the date of his retirement.  

parmar-appointed-ggm,-concor

Parmar appointed GGM, CONCOR

By IndianMandarins 08 Feb 2019

Rohit Parmar (IRAS:1999) is all set to move from Railway Board to Container Corporation of India (CONCOR) as Group General Manager (F&A) for a period of three years on deputation. Presently, he is Director (Finance, Expenditure-I). Reportedly, Railway Board relieved him following which he may take charge at CONCOR next week. 

mk-dubey-appointed-director-(fin)-concor

MK Dubey appointed Director (Fin) CONCOR

By IndianMandarins 13 Oct 2018

The Appointment Committee of the Cabinet cleared the appointment of Manoj Kumar Dubey (IRAS) to the post of Director (Finance) Container Corporation of India (CONCOR) on immediate absorption basis for a period of five years. Currently he is posted at Railway Board as Executive Director (Finance) PPP.

mk-dubey-selected-for-director-(fin)-concor

MK Dubey selected for Director (Fin) CONCOR

By IndianMandarins 31 Jul 2018

The public-sector headhunter on Tuesday selected Manoj Kumar Dubey (IRAS:1993) for the post of Director (Finance) Container Corporation of India (CONCOR); a post which fell vacant after P Alli Rani was appointed CMD of Cotton Corporation of India on 22 September 2017.  

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