PSUS

now-nris-can-acquire-100%-stake-in-air-india

Now NRIs can acquire 100% stake in Air India

The Centre has decided that NRIs can acquire a 100 percent stake in the public sector aviation company Air India as the decision was taken by the cabinet chaired by PM Narendra Modi. The government is looking for AI disinvestment.

The cap for the NRIs to acquire a stake in the national airlines was 49 percent earlier. It was announced that regarding the strategic sale of Air India, now NRIs can acquire 100 percent of stake in the airlines.

The government has initiated the process of divesting its share from Air India a long time back and is looking for suitable bidders. An attempt by the government to divest its stake in AI failed due to not getting potential buyers.

05 Mar 2020
neepco-deka-selected-for-director-post

NEEPCO: Deka selected for Director post

The public-sector head-hunter (PESB) on Wednesday selected Hemant Kumar Deka (ED, NEEPCO) for the post of Director (Technical), North Eastern Electric Power Corporation.

04 Mar 2020
now-nris-can-acquire-100%-stake-in-air-india

Now NRIs can acquire 100% stake in Air India

By IndianMandarins 05 Mar 2020

The Centre has decided that NRIs can acquire a 100 percent stake in the public sector aviation company Air India as the decision was taken by the cabinet chaired by PM Narendra Modi. The government is looking for AI disinvestment.

The cap for the NRIs to acquire a stake in the national airlines was 49 percent earlier. It was announced that regarding the strategic sale of Air India, now NRIs can acquire 100 percent of stake in the airlines.

The government has initiated the process of divesting its share from Air India a long time back and is looking for suitable bidders. An attempt by the government to divest its stake in AI failed due to not getting potential buyers.

neepco-deka-selected-for-director-post

NEEPCO: Deka selected for Director post

By IndianMandarins 04 Mar 2020

The public-sector head-hunter (PESB) on Wednesday selected Hemant Kumar Deka (ED, NEEPCO) for the post of Director (Technical), North Eastern Electric Power Corporation.

rec-ltd-organises-a-health-camp-for-its-employees

REC Ltd organises a health camp for its employees

By IndianMandarins 17 Jan 2020

New Delhi: Owning up its social responsibility, REC Ltd, a Navratna NBFC, organised a health camp for its employees on January 16, 2020 at its corporate office in New Delhi. The camp included eye-checkup and consultation, ENT consultation, audiometry test, gynae consultation, diet consultation, blood pressure and blood sugar tests.


The camp was organised in collaboration with Max Healthcare Super Speciality Hospital. The session is one of the several initiatives the organisation is taking for promoting safety, wellness, productivity and leadership amongst its women employees. It was attended by women employees in large numbers.

financial-situation-of-air-india-untenable

Financial situation of Air India untenable

By IndianMandarins 18 Dec 2019

After facebook post, Air India chairman Ashwani Lohani has warned of flight disruptions and possible invocation of government guarantee because of delays in fundraising and refinance of aircraft debt. The national career is facing a cash crunch due to lack of fund infusion and monthly shortfall of Rs 220 crore in operations.

The aviation major is seeking the government approval to raise Rs 2,000-crore loan and refinance $819-million aircraft debt that would help tide over the financial crisis. “The overall financial situation of the airline is grossly untenable and it may not be able to sustain physical operations in the absence of immediate government intervention and support,” Lohani writes to the civil aviation ministry.

Air India received an offer from a consortium of four banks to refinance the $819 million bridge loan taken for acquiring six Boeing 787 and one Boeing 777 aircraft. The government guarantee in respect to the bridge loan will expire on December 27 and the airline has sought government nod to refinance it before end of the month.

pfc-parminder-chopra-selected-for-board-level-position

PFC: Parminder Chopra selected for Board-level position

By IndianMandarins 13 Dec 2019

The public-sector headhunter on Friday selected Parminder Chopra for the post of Director (Finance), Power Finance Corporation (PFC). Presently; he is working as Executive Director, Power Finance Corporation (PFC).

Subject to requisite clearances and ACC approval he may replace N B Gupta; the outgoing Director (Finance) retiring June next year.

oil-psus:-centre-plans-cutting-stake-in-ioc-to-below-51%

Oil PSUs: Centre plans cutting stake in IOC to below 51%

By IndianMandarins 15 Nov 2019

The Centre is planning to cut its stake in the IOC below 51% to become a minority shareholder which currently holds 51.5 per cent in the oil major. To boost economic growth, the Central government has been on a divestment spree and has been considering cutting stake in several companies. IOC is the third oil company in which the government plans to cut it stakes.

Besides IOC, ONGC is looking to sell its stake in the recently-acquired refiner HPCL to a strategic investor, possibly an overseas oil company, to regain debt-free status of the company existing prior to the expensive buy.

The plan for HPCL follows the government's go ahead to invite a strategic investor for BPCL where the Centre owns 53 per cent stake. The divestment is important from the fiscal math perspective.

India's fiscal deficit at the halfway mark in 2019-20 stood at 92.6% of budgeted estimates, lower than 95.3% in April-September, 2018-19, helped by transfers from the RBI. With muted tax revenues, the government will have to undertake spending cuts and divest to achieve FY20 fiscal target of 3.3 per cent of GDP. 

pec:-none-selected-for-cmd-post

PEC: None selected for CMD post

By IndianMandarins 07 Nov 2019

The public-sector headhunter (PESB) on Thursday did not find any candidate suitable for the post of Chairman & Managing Director, PEC Limited. 
Altogether Three candidates had appeared before selection board for interview.

bccl:-rao-selected-for-the-post-of-director-personnel

BCCL: Rao selected for the post of Director Personnel

By IndianMandarins 04 Nov 2019

The public-sector headhunter (PESB), on Tuesday, selected P V K R Mallikarjuna Rao for the post of Director (Personnel), Bharat Coking Coal Ltd. Presently he is General Manager, Coal India Limited (CIL). Altogether Nine candidates appeared before the selection board for interview.

 

Subject to requisite clearances and ACC approval, Rao will replace R S Mahapatra the outgoing Director (Personnel) who is retiring on May 31, 2020.

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