Ministry of Power | Business Upturn

Power Finance Corporation establishes two new subsidiaries for transmission projects

Kinjal — Fri, 08 May 2026 10:54:47 +0000

Power Finance Corporation (PFC) has announced the incorporation of two wholly owned subsidiaries under PFC Consulting Limited (PFCCL), a wholly owned subsidiary of PFC. The new entities, Western Ghats PSP Transmission Limited and Hingoli West Power Transmission Limited, have been established to facilitate the development of Independent Transmission Projects (ITPs) in Maharashtra.

Western Ghats PSP Transmission Limited will focus on the establishment of a 400 kV GIS Igatpuri/Murbad Switching Station in Thane district. Meanwhile, Hingoli West Power Transmission Limited is tasked with setting up a 400 kV AIS Hingoli West in Hingoli district.

PFCCL has been appointed as the Bid Process Coordinator (BPC) by the Ministry of Power, Government of India, for selecting developers through tariff-based competitive bidding for these transmission projects. The BPC’s responsibilities include preparing project profiles, initiating land acquisition, and obtaining necessary forest clearances.

The newly incorporated Special Purpose Vehicles (SPVs) will carry out preparatory activities such as conducting surveys, preparing reports, and initiating land acquisition processes. These SPVs are intended to be transferred to the successful bidders selected through the International Competitive Bidding Process.

The Government of Maharashtra, through its Government Resolution dated 27 February 2026, has confirmed the appointment of PFCCL as the BPC for these projects, following a decision by the Empowered Committee in its meeting held on 12 January 2026.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Power Finance Corporation establishes Pune West Power Transmission as a subsidiary

Yash Agarwal — Fri, 08 May 2026 07:00:00 +0000

Power Finance Corporation Limited (PFC) has announced the incorporation of a new wholly owned subsidiary, Pune West Power Transmission Limited, under its subsidiary PFC Consulting Limited (PFCCL). This move is part of PFC’s strategy to establish a 765 kV GIS in Pune District, Maharashtra.

PFC Consulting Limited, which is a wholly owned subsidiary of PFC, has been appointed as the Bid Process Coordinator (BPC) by the Ministry of Power, Government of India. The role of the BPC is to select a developer for Independent Transmission Projects (ITPs) through a tariff-based competitive bidding process.

According to the guidelines issued by the Ministry of Power, the BPC is responsible for preparing the project profile and initiating necessary processes such as land acquisition and forest clearance. To facilitate these activities, the incorporation of a Special Purpose Vehicle (SPV) is required. Pune West Power Transmission Limited will undertake various preparatory activities for the transmission projects, including surveys, report preparation, land acquisition, and forest clearance processes.

The SPV is expected to be transferred to the successful bidder selected through the International Competitive Bidding Process, as per the Tariff Based Competitive Bidding Guidelines for Transmission Service issued by the Ministry of Power.

The Government of Maharashtra, through its Government Resolution dated 27 February 2026, has notified that the Empowered Committee appointed PFC Consulting Limited as the Bid Process Coordinator for selecting a Transmission Service Provider (TSP). This is aimed at establishing an intra-state transmission system for the 765 kV GIS Pune West project through the Tariff Based Competitive Bidding process.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Power Finance Corporation establishes new subsidiary for transmission project

Business Desk — Thu, 07 May 2026 09:21:01 +0000

Power Finance Corporation (PFC) has announced the incorporation of a new wholly owned subsidiary under its arm, PFC Consulting Limited (PFCCL). The subsidiary, named Fatehgarh II Transmission Limited, has been established as a Special Purpose Vehicle (SPV) for the installation of two Synchronous Condensers (SynCon) units at the 765/400/220 kV Fatehgarh-II Power Station.

The creation of this SPV is part of PFC’s role as the ‘Bid Process Coordinator’ (BPC) for Independent Transmission Projects (ITPs), as designated by the Ministry of Power, Government of India. The BPC is responsible for selecting developers through a tariff-based competitive bidding process, which involves preparing project profiles and initiating necessary land acquisition and forest clearance processes.

The incorporation of Fatehgarh II Transmission Limited is a strategic move to facilitate various preparatory activities for the transmission projects. These activities include conducting surveys, preparing reports, and initiating land acquisition and forest clearance processes if required. The SPV will eventually be transferred to the successful bidder selected through the International Competitive Bidding Process under the Tariff Based Competitive Bidding Guidelines for Transmission Service.

The Central Electricity Authority (CEA), under the Ministry of Power, had earlier recommended PFCCL as the BPC for the installation of the SynCon units at Fatehgarh-II. This recommendation was made during the 33rd meeting of the National Committee on Transmission held on 16 September 2025, and was subsequently formalised through a notification in the Official Gazette on 30 October 2025.

The establishment of Fatehgarh II Transmission Limited marks a significant step in the development of the transmission scheme, which is expected to enhance the efficiency and stability of the power grid in the region. The successful bidder, once selected, will take over the project development from the SPV.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Power Finance Corporation establishes five new subsidiaries for transmission projects

Kinjal — Thu, 30 Apr 2026 13:32:20 +0000

Power Finance Corporation (PFC) has announced the incorporation of five wholly owned subsidiaries under its subsidiary, PFC Consulting Limited, to facilitate the development of Independent Transmission Projects (ITPs). These new entities are JAM KHAMBHALIYA REZ Transmission Limited, LAKADIA A Power Transmission Limited, LAKADIA C Power Transmission Limited, ANANTHPURAM Transmission Limited, and KRISHNAGIRI REZ Transmission Limited.

The Ministry of Power has nominated PFC Consulting Limited as the Bid Process Coordinator (BPC) for selecting developers through tariff-based competitive bidding for these projects. The new subsidiaries will serve as Special Purpose Vehicles (SPVs) to manage various preparatory activities, including land acquisition and forest clearance, if necessary.

Each SPV is tasked with the development of specific transmission systems. JAM KHAMBHALIYA REZ Transmission Limited will focus on integrating power from renewable energy projects in Jam Khambhaliya, Gujarat. LAKADIA A and LAKADIA C Power Transmission Limited will handle the common transmission systems for power evacuation from Lakadia, Jam Khambhaliya, and Jamnagar phases. ANANTHPURAM Transmission Limited will manage the integration of the Ananthpuram-III PS REZ Phase-I, while KRISHNAGIRI REZ Transmission Limited will focus on the integration of the Krishnagiri REZ Phase-I.

The Central Electricity Authority and the National Committee on Transmission have recommended these projects, which have been notified under the Tariff Based Competitive Bidding (TBCB) mode by the Ministry of Power. Once the bidding process is complete, the SPVs will be transferred to the successful bidder, who will then develop the projects.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Power Finance Corporation appoints Rajesh Kumar Agarwal as Director (Finance) and CFO

Business Desk — Thu, 30 Apr 2026 10:53:36 +0000

Power Finance Corporation (PFC) has announced the appointment of Shri Rajesh Kumar Agarwal as Director (Finance) on its Board and as Chief Financial Officer (CFO). The appointment is effective from 23rd April 2026, following an order from the Ministry of Power, Government of India.

The decision was confirmed during a Board of Directors meeting held on 30th April 2026. This appointment comes in continuation of a previous letter dated 23rd April 2026, which informed stakeholders of Agarwal’s assumption of charge as Director (Finance).

Rajesh Kumar Agarwal’s appointment to these key positions is expected to bolster the financial leadership within the organisation, aligning with the strategic goals set forth by the Ministry of Power.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

SJVN faces Rs 5.43 lakh fine for SEBI compliance lapses

Yash Agarwal — Fri, 24 Apr 2026 11:45:41 +0000

SJVN Limited has been fined ₹5.43 lakh by the BSE and NSE for non-compliance with SEBI‘s Listing Obligations and Disclosure Requirements Regulations, 2015. The fines were imposed due to the company’s failure to meet certain regulatory requirements, including the composition of its Board.

The company’s Board of Directors has acknowledged the notices from the stock exchanges and has communicated its comments back to the exchanges. SJVN clarified that, as a government company, the power to appoint directors on its Board rests with the President of India through the Ministry of Power. The company has made several requests to expedite the appointment of independent directors to comply with SEBI regulations.

The fines include a basic amount of ₹4,60,000 and an additional ₹82,800 as GST, totalling ₹5,42,800. The penalty specifically pertains to non-compliance with Regulation 17(1), which involves the composition of the Board, including the appointment of a woman director.

SJVN has assured that the government is in the process of appointing the necessary directors to rectify the compliance issues. The company is required to pay the fines within 15 days to avoid further actions, such as the freezing of the promoter’s shareholding.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Power Finance Corporation appoints Rajesh Kumar Agarwal as Director (Finance)

Kinjal — Thu, 23 Apr 2026 12:48:49 +0000

Power Finance Corporation has announced the appointment of Shri Rajesh Kumar Agarwal as Director (Finance) on its Board. Agarwal, who holds a distinguished career in the power and financial sectors, assumed his new role on 23 April 2026.

The appointment follows a communication from the Ministry of Power, Government of India, which authorised his position for a period of five years or until further orders, whichever is earlier. Agarwal’s extensive experience includes a tenure as Executive Director (Finance) at PFC since January 2024, and a career at the corporation since 2009, where he managed various cross-functional teams.

Agarwal’s professional journey is marked by significant contributions in areas such as Corporate Accounts, Taxation, Fund Management & Banking, Lending Policy Compliance, Restructured Assets Management, Fund Raisings, and Loan Disbursement. He has also been pivotal in driving digital reforms and enhancing financial reporting standards. Before joining PFC, Agarwal gained valuable experience in other power sector companies like NTPC, NPCIL, and DTL, focusing on core finance functions and key areas like Tariff Matters and PPA Negotiations.

In addition to his professional achievements, Agarwal is recognised as a distinguished speaker at various professional forums. He holds a Bachelor’s degree in Commerce (Honours) and is a member of the Institute of Cost Accountants of India.

The company confirmed that there are no relationships between directors and that Agarwal is not debarred from holding the office of Director by any SEBI Order or other authority.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

India delays 10,000 MW coal‑plant maintenance shutdown to July

Rashmi Pandey — Fri, 10 Apr 2026 13:47:57 +0000

India is deferring the maintenance shutdown of around 10,000 MW of coal‑fired power capacity until July 2026 to ensure adequate electricity supply during the peak summer season, according to official statements issued on Friday, April 10, 2026. The move postpones the outage by about three months so that the maintenance of thermal units can be carried out after the high‑demand period, avoiding large‑scale power‑shortage risks.

Power ministry officials, including Additional Secretary Piyush Singh, have confirmed that the decision aims to maintain additional thermal‑generation availability during summer, when demand for electricity spikes due to cooling needs and industrial activity. Planned maintenance of selected coal‑fired units is being shifted to July, a period when the grid‑load pressure is expected to ease.

Officials have also highlighted that around 8,000 MW of gas‑fired power capacity is facing pressure due to higher fuel‑cost volatility linked to the Iran‑related conflict, which has pushed prices up and constrained the ability of gas‑based plants to operate at full load.

The Ministry of Power has been coordinating with state agencies and grid operators to monitor generation, transmission, and fuel‑supply parameters, with additional section‑11 directions issued to keep units running at higher capacity during the critical period.

Key highlights

India delays 10,000 MW coal‑plant maintenance.
Shutdown shifted to July for summer demand.
Extra 10,000 MW kept available in summer.
8,000 MW gas‑fired capacity hit by fuel costs.
Power ministry issues section‑11 directions to keep plants running.

REC seeks waiver of fines imposed for board composition non-compliance

Business Desk — Wed, 18 Mar 2026 11:53:09 +0000

REC Limited has approached stock exchanges to waive fines levied due to non-compliance with board composition regulations. The issue arose from a lack of independent directors, a situation beyond the company’s control as appointments are made by the Ministry of Power.

The company was fined for not meeting the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, during the quarter ending December 31, 2025. REC’s board discussed the matter on March 16, 2026, and resolved to follow up with the Ministry of Power to expedite the appointment process.

REC emphasised that as a government entity, the power to appoint independent directors lies with the President of India, through the Ministry of Power. Consequently, REC argues that the fines should be waived since the company has no direct control over the appointments.

The company has submitted a waiver request to the stock exchanges, highlighting that it has not violated any regulations and that the delay in appointments is due to external factors. REC has also requested the exchanges not to impose further penalties.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

CESC awards 150 MW wind-solar hybrid power project to Purvah Green Power

Matrika Shukla — Tue, 07 Jan 2025 13:31:33 +0000

CESC Limited has announced the issuance of a Letter of Award to its subsidiary, Purvah Green Power Private Limited (Purvah), for the establishment of a 150 MW Wind-Solar Hybrid Power Project. The project, awarded under the Ministry of Power’s “Guidelines for tariff Based Competitive Bidding Process for Procurement of Power from Grid Connected Wind Solar Hybrid Power Projects” dated August 21, 2023, will be developed under a tariff-based competitive bidding process. Additionally, the project will have an extra 150 MW capacity under the Greenshoe option.

The project is part of India’s ongoing efforts to promote renewable energy and reduce dependency on traditional power sources. The selected wind-solar hybrid projects will be connected to the Inter-State Transmission System (ISTS), and CESC plans to sign a Power Purchase Agreement (PPA) that will remain valid for 25 years from the commencement of supply.

Purvah, a wholly owned subsidiary of CESC Limited, will play a significant role in the project’s execution. The agreement ensures that the project is carried out at arm’s length and follows all necessary guidelines. The commercial considerations for this venture are substantial, considering the scale of the 150 MW wind-solar hybrid power capacity, with the added potential of another 150 MW under the Greenshoe option.

With this development, CESC Limited is making significant strides towards strengthening its presence in the renewable energy sector and contributing to India’s commitment to sustainable power generation.

NTPC forays into nuclear energy with new subsidiary, NTPC Parmanu Urja Nigam

Matrika Shukla — Tue, 07 Jan 2025 13:24:52 +0000

NTPC Limited has announced the incorporation of a new wholly owned subsidiary, NTPC Parmanu Urja Nigam Limited (NPUNL), on January 7, 2025. The newly established entity will focus on the nuclear energy sector, marking a strategic move to diversify NTPC’s energy generation capabilities beyond conventional sources.

The formation of NTPC Parmanu Urja Nigam Limited is in line with the company’s long-term vision to harness nuclear energy for the generation of electricity and other commercial purposes. The subsidiary will be responsible for planning and executing integrated programs aimed at the development of nuclear energy. It will also handle the construction, operation, and management of nuclear power stations and related facilities across India.

Objectives and Focus Areas of NPUNL:

NTPC Parmanu Urja Nigam Limited will focus on a variety of activities, including:

Planning and executing integrated programs to harness nuclear energy for commercial purposes.
Building, owning, and operating nuclear energy plants.
Managing nuclear energy resources and promoting research and development in the nuclear sector.
Identifying suitable sites for nuclear power stations and developing necessary ancillary infrastructure.

The formation of NPUNL was approved by the Ministry of Power (MOP), Government of India, with concurrence from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. This approval was conveyed through a formal letter on September 11, 2024.

NTPC Limited, the parent company, has subscribed to 50,000 equity shares of NPUNL at a face value of ₹10 each, marking a total investment of ₹5,00,000. With this investment, NTPC holds 100% ownership in the subsidiary, solidifying its control over the new entity.

Strategic Vision:

This move underscores NTPC’s ongoing commitment to clean and sustainable energy production. The incorporation of NPUNL is a crucial step in the company’s broader strategy to diversify its energy generation mix, contributing to India’s clean energy goals and providing a stable source of power through nuclear energy.

This development further reinforces NTPC’s leadership in the energy sector, as the company continues to drive innovation and sustainability in its operations. As the nuclear energy business gains momentum, NPUNL will play a key role in supporting India’s energy transition and ensuring the country’s energy security for the future.

Ministry of Power finalizes National Electricity Plan 2023-2032 – Know in details

Aditya Bhagchandani — Wed, 25 Sep 2024 04:37:02 +0000

Union Power Minister Manohar Lal announced the finalization of the National Electricity Plan (NEP) 2023-2032 at a press conference in New Delhi on September 23, 2024. The plan outlines a roadmap for the development of both central and state transmission systems to meet India’s projected peak power demand of 458 GW by 2032. The total project cost is estimated at ₹9.15 lakh crore.

Key highlights of the NEP 2032 include:

Transmission network expansion: From 4.85 lakh circuit kilometers (ckm) in 2024 to 6.48 lakh ckm by 2032.
Transformation capacity: Increase from 1,251 GVA to 2,342 GVA by 2032.
Interregional transfer capacity: Growth from 119 GW to 168 GW by 2032.
Addition of nine HVDC transmission systems, boosting total capacity to 33.25 GW.

The plan also focuses on expanding renewable energy capacity, aiming to evacuate 335 GW of power through the interstate transmission system (ISTS) by 2030, with a significant portion from renewable sources.

Minister Lal also highlighted India’s push for pumped storage projects (PSP), with plans to add 39 GW of capacity by 2030 to enhance grid stability.

In thermal power, the ministry aims to meet peak demand with the construction of 28.4 GW of thermal capacity, with further projects under development.

2-day Bharat Bandh starts today; electricity control centres on high alert

Mymun Malik — Mon, 28 Mar 2022 04:29:03 +0000

Ministry of Power has given a directive to each and every state government electricity management to brace themselves to assure the 24×7 maintenance and functioning of the electricity grid; this directive comes in the wake of a 2-day strike starting today.

The National Convention of Workers has called for a 2-day strike (March 28^th to 30^th) resenting government policies that affect farmers, workers and people in general.

Power Ministry issues advisory for ensuring maintaining and reliability of electricity grid during strike called by National Convention of Workers@PIB_India @DDNewslive @mygovindia @MIB_India @RajKSinghIndia @KPGBJP @CEA_India
Read more: https://t.co/qswKdS47TV pic.twitter.com/ORzuowcJIJ

— Ministry of Power (@MinOfPower) March 27, 2022

Union Minister of Power, R.K. Singh directed all state/regional control room personnel to be on strict vigilance 24×7 during the 2-day ‘Bharat-bandh’ time.

As per RK Singh’s official statement, the directive asks all the electricity control rooms to take strict and necessary action to ensure the continuous supply of power to essential entities like major grids, substations, and transmission lines.

RK Singh stated in the statement, “The concerned authorities must be at any cost, available for the smooth functioning of the electricity grids, in their respective regional/state control regions. Personnel shall report any emergencies to their SLDC, RLDC and NLDC. Continuous supply of power must be diverted to hospitals, defence, railways at any cost.”

The Power Ministry mentioned recruiting extra manpower at all crucial power sub-stations to cater to any emergency during the 2-day strike. During the strike banks across India will take a big hit for the next two days. People have been asked to maintain peace and steer through the 2-day strike patiently.

PM Narendra Modi rooting for ‘Sustainable energy’ at the post-budget webinar today

Mymun Malik — Fri, 04 Mar 2022 05:33:11 +0000

Prime Minister Narendra Modi at the post-budget webinar today stated that India will now increase its efforts to produce sustainable energy from sustainable resources. The webinar was a 30-minute session where the focus was on India increasing its energy consumption from sustainable energy sources.

The topic of discussion was titled ‘Energy for sustainable growth.’ Modi addressed the session kickstarted by the Ministry of New and Renewable Energy (MNRE) between 10:00 am to 10:30 am today. Participating Ministries were the Ministry of Environment, Ministry of Power, Ministry of External Affairs, Secretary MNRE, Secretary of Coal, CEO of Niti Aayog.

The webinar conducted by the MNRE in their official statement mentioned that the overall webinar will have 3 curated sessions. Soon after PM Modi finishes his speech, about 6 breakout sessions are scheduled to discuss the efforts Centre has decided and the initiatives of the energy sector, ideas to execute the initiatives.

The webinar was concluded jointly by the Ministry of Power and the Ministry of New and Renewable Energy.

MNRE in detail in its breakout session will discuss how to scale up renewable energy, it was presided by eminent speakers both from the public and private sectors. This session focussed mainly on

(1) Solar: India will target manufacturing and installing close to 300 gigawatts of solar-powered capacity by the year 2030. Making India less dependent on imports and also giving incentives for domestic manufacturing of Solar PV in India.

(2) Green Hydrogen: The National Green Hydrogen Mission was announced by Modi in his last year’s Independence day speech. He stated that his goal was to boost India’s position as a global hub of producing Green Hydrogen and exporting the same.

MNRE has accordingly developed the National Green Hydrogen Mission with the sole purpose of decarbonizing existing major sectors of the economy and providing independence to India’s energy consumption and moving ahead with the ambition of global clean energy transformation.

Power Grid reports 2.2% decline in net profit at Rs 3,293 crore in Q3

Malvika Choudhary — Wed, 09 Feb 2022 14:40:22 +0000

Indian statutory corporation, Power Grid Corporation of India Limited (PGCIL) on February 9 released its third-quarter results for the financial year 2021-2022 ( Q3FY22). It reported a decline of 2.2 per cent in the consolidated net profit at Rs 3,293 crore against Rs 3,368 crore in the same quarter a year ago.

According to the regular filling, the state-owned company’s consolidated revenue saw a jump of 3 per cent at Rs 10,447 crore compared to Rs 10,142 crore in the year-ago quarter. The revenue increased by 1.8 per cent from Rs 10,267 crore from the previous quarter ended in Sept.

Furthermore, the second interim dividend for FY22 is at Rs. 5.50 a share which is to be paid on March 9, 2022. Earnings before interest and tax (EBIT) for the transmission business dropped by 9 per cent year-on-year to Rs 5,790 crore against Rs 5,460 crore a year ago. The company’s revenue from the consultancy business increased at 41 per cent at Rs 173 crore on YoY from Rs 123 crore in the same period last year. However, on a sequential basis, the business was down 8.7 per cent from Rs 190 crore.

EBIT for the consultancy business enhanced by 57 per cent on-year to Rs 58.26 crore, while sequentially, there was a decline of 38.7 per cent.
The shares of the state-owned firm stood at 209.95 INR with a jump of 0.048% today in the closing session at the National Stock Exchange.

Power Grid operates throughout India and covers 90% of the country’s interstate and inter-regional electric power transmission system and its business segments include Transmission, Consultancy, Telecom and ULDC/ RLDC.

Union Power Ministry announces new rules for the electricity sector, Check details here

Cheryll Jain — Sat, 23 Oct 2021 11:19:19 +0000

The Union Ministry of Power announced new rules to maintain the economic feasibility of the power sector, ease the financial distress that burden various stakeholders and ensure punctual recovery of costs incurred on electricity generation on Saturday, October 23.

The rules announced by the power ministry will regulate the sustainability of the electricity sector and promote the transition to renewable energy to meet India’s target to curb climate change and the concerns arising from it.

A statement issued by the ministry assured that the rules notified by the union ministry under the Electricity Act 2003 are in the interest of the electricity consumers and investors and will put to rest the concern of stakeholders in the sector regarding timely recovery of costs due to change in law and curtailment of renewable energy, among others.

The new regulations introduced by the ministry under the Electricity Act 2003 include the Electricity (Timely recovery of costs due to Change in Law) Rules, 2021 and Electricity (Promotion of generation from renewable sources of energy by addressing Must Run and other matters) Rules, 2021.

The ministry stated that timely recovery of costs due to change in the law is an important factor as the investment in the power sector depends majorly on punctual returns.

The delay in cost recovery affects the viability of the sector and puts financial stress on the developers, said the ministry, adding that the rules will now assist in fostering “investment-friendly” conditions in the country. As part of the rules, a formula has been revealed to calculate adjustments in monthly tariffs due to the impact of a change in the law.

Meanwhile, the transition to clean energy is being given a priority through the new regulations. The Indian government has disclosed its target to set up 175 GW of renewable energy capacity by 2022 and 450 GW by 2030 as it endeavours to battle the ongoing climate crisis.

The new regulations are expected to help India achieve its set target of renewable energy generation, the ministry stated. The transition to green energy will ensure healthier environmental conditions for future generations.

FM Nirmala Sitharaman encourages CSPEs to perform better to meet Q3 CAPEX target

Sarthak Yadav — Fri, 27 Nov 2020 16:41:37 +0000

Today, Finance Ministry released a statement that in the financial year (2020-21) out of the capital expenditure (CAPEX) target of Rs 61,483 crore for 10 Central Public Sector Enterprises (CPSEs) belonging to Ministries of Power, Mines and Department of Atomic Energy, the achievement was Rs 24,227 crore (39.4%).

To review the capital expenditure (CAPEX) in this financial year, Nirmala Sitharaman Finance Minister held a video conference with Secretaries of the Ministries of Power, Mines and Department of Atomic Energy and the CMDs of 10 CPSEs belonging to these ministries.

Sitharaman appreciated the efforts of the ministries and CPSEs for making visible efforts to meet out the CAPEX targets. However, she said, “More efforts were required to achieve the target of 75 per cent CAPEX by Q3 and more than 100 per cent by a quarter four of the FY21.”

While reviewing the performance of CPSEs, Sitharaman said CAPEX by CPSEs is a critical driver of economic growth and need to be scaled up for the Financial Year (FY) 2020-21 and 2021-22. She encouraged the CPSEs to perform better “to achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time.”

Sitharaman added, “To achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time,” while reviewing the performance of CPSEs, “CPSEs is a critical driver of economic growth and need to be scaled up for the Financial Year (FY) 2020-21 and 2021-22.”

She asked the secretaries to closely monitor the performance of CPSEs in order to achieve the target of CAPEX and make a plan for it. And also asked them to proactively sort out the unresolved issues of the CPSEs.

This was the fifth meeting in the ongoing series that the Finance Minister is having with various stakeholders to accelerate the economic growth in the background of COVID-19 pandemic.