‘Maharatna’ status mooted for major public sector firms

September 1st, 2009 BANGALORE - The government proposes to award Maha Ratna status to state-owned companies for greater functional autonomy to make higher investments, form joint ventures and expand capacity, Heavy Industries and Public Enterprises Minister Vilasrao Deshmukh said here Tuesday. "My ministry will seek cabinet approval for elevating some of the Nav Ratna companies owned by the government to the Maha Ratna status provided their net profit is Rs.5,000 crore for three consecutive years," Deshumukh told reporters on the margins of an official function.

July 27th, 2009 New Delhi, - A whopping 18,183 cases were filed against firms violating the Companies Act between Jan 1, 2008, and March 31, 2009, the government said Monday. Further, a total of 238 companies were identified as having "vanished" after cheating the public and siphoning off funds garnered by subscriptions to initial public offers (IPOs), said Corporate Affairs Minister Salman Khurshid in a written reply to the Rajya Sabha.

July 15th, 2009 CHENNAI - Venture capital (VC) firms investment has fallen in the first six months of this year, as compared to the corresponding period in 2008, according to a study. The study, conducted by Venture intelligence, a leading research firm in the venture capital space, and Global India Venture Capital Association, said VC firms invested $117 million in 27 deals in India with fund inflow picking up in the last two months of the period under review.

June 26th, 2009 THIRUVANANTHAPURAM - Kerala will ask the central government to set up more public sector units and centre-state joint ventures in the state to spur its industrial development, Industries Minister Elamaram Kareem said Friday. Kareem told IANS here that he would go to Delhi next week to discuss the state's demands with Defence Minister A.K.

June 5th, 2009 NEW DELHI - The Associated Chambers of Commerce and Industry (Assocham) Friday urged the government to provide industry status to the organised retail sector, which is expected to grow to 20-22 percent of the total retail market by 2010. In a note submitted to the ministries of commerce and industry and consumer affairs, Assocham president Sajjan Jindal has said providing industry status is the first basic step needed for reforming the Indian retailing sector.

May 16th, 2009 NEW DELHI - Enthused by the poll win, the Congress party Saturday said that the United Progressive Alliance (UPA) will continue with its economic policies, but not at the cost of the public sector. 'We will continue with the economic reforms, but not at the cost of the public sector,' Congress general secretary Janardan Dwivedi said, referring to the disinvestment carried out by the previous National Democratic Alliance government in state-owned profit making firms.

May 14th, 2009 NEW DELHI - India's service sector is set to grow substantially in the next 12 months, though its business activity prospects remain lowest in the BRIC block comprising Brazil, Russia, India and China, says a survey by global auditing agency KPMG released Thursday. April's BRIC Business Outlook Survey, which covered around 1,400 service sector firms in the BRIC nations, said 31.1 percent of Indian companies saw their activity levels expanding, up from 15.3 percent last autumn.

April 20th, 2009 JAIPUR - The government has approved 28 mega infrastructure projects to boost tourism, and is on the verge of granting it infrastructure sector status, Tourism Secretary Sujit Banerjee announced here Monday. 'These 28 mega projects will put a lot of money in the hands of the states for upgrading tourism infrastructure, which will be a major boost for the sector,' Banerjee said while inaugurating an international tourism conference, the Great Indian Travel Bazaar 2009.

April 2nd, 2009 NEW DELHI - Corporate India's budget for brand promotion and entertainment will fall by nearly 32-35 percent in 2009-10 on account of the current meltdown, an industry lobby said in a report released Thursday. An internal assessment of the Associated Chambers of Commerce and Industry of India (ASSOCHAM), which involved nearly 300 companies, said a 'vast majority' of private sector firms were yet to make their promotional budget public.

March 16th, 2009 NEW DELHI - The Communist Party on India (Marxist) released its manifesto for the forthcoming Lok Sabha elections on Monday. The party has called for government control in the financial sector and proposed a complete halt on the privatisation of profitable state firms.

March 1st, 2009 NEW DELHI - The Indian realty sector should be accorded an 'industry status' and the integrated township development activity an 'infrastructure status', the Confederation of Indian Industry (CII) has said in a report submitted to the government. 'With strong backward and forward linkages with more than 250 industry sectors including cement, steel, brick, timber, building material, the real estate and housing sector has played a catalyst role in India's growth story,' CII said in a written statement.

February 2nd, 2009 NEW DELHI - Kerala is eager to enhance business ties with central public sector undertakings (PSU) to 'modernise and strengthen' the state's public sector, Industries and Commerce Minister Elamaram Kareem said here Tuesday. Speaking after Kerala Electrical & Allied Engineering Co.

February 1st, 2009 NEW DELHI - Public sector oil companies will set aside over Rs.6 billion (Rs.600 crore), or at least two percent of their profits, for corporate social responsibility (CSR) projects, it was announced here Monday. This was decided at a meeting called by Petroleum Minister Murli Deora of public sector oil companies' heads.

January 8th, 2009 NEW DELHI - The Indian Air Force (IAF) has readied its squadron of IL-78 midair refuellers to supply aviation fuel in case the strike by employees of public sector oil firms cripples the aviation sector, an official said here Friday. 'The six IL-78 aircraft have been kept ready to deal with a crisis situation if the need arises,' a senior IAF official said.

January 5th, 2009 NEW DELHI - Oil sector strike seems set to go ahead from Wednesday, with both the government and employees of the public sector oil companies staying adamant on their respective positions. The Oil Sectors Officers Association (OSOA), representing around 45,000 public sector employees in 14 organisations, called for an indefinite strike from Wednesday demanding higher wages.