Union Heavy Industries & Public Enterprises Minister Praful Patel today said the government is waiting for the market sentiment to improve to launch the USD one-billion follow-on public offer of Bharat Heavy Electricals (BHEL).
"In the current market situation, I don''t think the Bhel issue will go ahead. It will go ahead at the right time, when the market improves. We have given an in-principle approval, (but) that does not mean we have given the timing," Patel told reporters on the sidelines of an IEEMA (Indian Electrical & Electronics Manufacturers Association) event here.
"There is no hurry for Bhel to go for 5 percent dilution," Patel added.
The comments come on the heels of the Government calling off the over Rs 11,000-crore ONGC follow-on issue earlier this month.
The issue was to hit the markets on September 20 but the markets started crashing from the middle of the month following the renewed credit crisis in the Eurozone economies.
At the end of June, the government held 67.72 percent stake in Bhel.
The proposed share sale is part of the government''s ambitious programme to garner Rs 40,000 crore through divestment in the current fiscal.
But it has barely achieved three percent of the target through Rs 1,100 crore from divesting five percent in Power Finance Corporation in the current fiscal.
ref :
http://www.moneycontrol.com/news/wire-news/bhel-issue-only-after-market-improves-praful-patel_590851.html
Monday, September 26, 2011
BHEL FPO may happen before ONGC issue: Disinvestment Secy
In an interview to CNBC-TV18, Mohammad Haleem Khan, Disinvestment Secretary said, Oil and Natural Gas Corporation ’s follow-on public offer (FPO) will be reviewed after a fortnight.
According to him, BHEL FPO may happen before ONGC FPO. However, he said, BHEL FPO timing does not hinge on ONGC issue. "If BHEL is ready with all the procedures in place and compliances, which are required, and it is also comfortable with the market position then it can go ahead irrespective of whether ONGC is done before it or after that," he added.
Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos.
Q: The government had set out a disinvestment target of Rs 40,000 crore, barely 3% of that has been achieved. Is the government at all confident of achieving that target or has that been completely reworked?
A: These numbers have emerged out of the budgetary exercise. When they decided to prepare budget for 2011-12, they created budgetary estimates. This Rs 40,000 crore number comes from that. Now, this process has got certain amount of sanctity. After the second quarter, there will be a revision of estimates.
When the revision of estimates takes place, they will take all things into account and decide whether the Rs 40,000 crore number is to be revisited. Otherwise, at this point of time, we are saying that Rs 40,000 crore is the target which has to be achieved by the department. Keeping in view the various options available, we will continue to work for that.
More at:
http://www.moneycontrol.com/news/ipo-upcoming-issues/bhel-fpo-may-happen-before-ongc-issue-disinvestment-secy_590447.html
According to him, BHEL FPO may happen before ONGC FPO. However, he said, BHEL FPO timing does not hinge on ONGC issue. "If BHEL is ready with all the procedures in place and compliances, which are required, and it is also comfortable with the market position then it can go ahead irrespective of whether ONGC is done before it or after that," he added.
Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos.
Q: The government had set out a disinvestment target of Rs 40,000 crore, barely 3% of that has been achieved. Is the government at all confident of achieving that target or has that been completely reworked?
A: These numbers have emerged out of the budgetary exercise. When they decided to prepare budget for 2011-12, they created budgetary estimates. This Rs 40,000 crore number comes from that. Now, this process has got certain amount of sanctity. After the second quarter, there will be a revision of estimates.
When the revision of estimates takes place, they will take all things into account and decide whether the Rs 40,000 crore number is to be revisited. Otherwise, at this point of time, we are saying that Rs 40,000 crore is the target which has to be achieved by the department. Keeping in view the various options available, we will continue to work for that.
More at:
http://www.moneycontrol.com/news/ipo-upcoming-issues/bhel-fpo-may-happen-before-ongc-issue-disinvestment-secy_590447.html
Sunday, September 25, 2011
Warm farewell given to BHEL GMs on retirement
In a simple programme held at BHEL administration building SS Gupta, ED, BHEL (Bhopal) bade farewell to General Manager PT Pathrabe and General Manager Umesh Singhal on attaining the superannuation age.
In the year 1974, Pathrabe joined BHEL, Bhopal as an engineer trainee, after completing his BE (Electrical Engineering) from Nagpur in 1973. During his tenure he extended his contribution in department like HPE, SYX, AME, TME and EME.
Singhal joined BHEL, Bhopal in 1975, after graduating in Mechanical engineering from Indore in 1974 and served in various departments like SWM, SCS, HSS, TAD, PMG and STS. Gupta in his address threw light on various contributions of them at various posts and prayed for their happy retired life.
ref:
http://www.dailypioneer.com/state-editions/bhopal/8928-warm-farewell-given-to-bhel-gms-on-retirement.html
In the year 1974, Pathrabe joined BHEL, Bhopal as an engineer trainee, after completing his BE (Electrical Engineering) from Nagpur in 1973. During his tenure he extended his contribution in department like HPE, SYX, AME, TME and EME.
Singhal joined BHEL, Bhopal in 1975, after graduating in Mechanical engineering from Indore in 1974 and served in various departments like SWM, SCS, HSS, TAD, PMG and STS. Gupta in his address threw light on various contributions of them at various posts and prayed for their happy retired life.
ref:
http://www.dailypioneer.com/state-editions/bhopal/8928-warm-farewell-given-to-bhel-gms-on-retirement.html
Friday, September 23, 2011
Power min blames Bhel for delay in capacity addition
Power and heavy industries ministries have once again locked horns over the delays in implementing the government’s capacity addition programme. While the power ministry has put the blame squarely on Bhel for delaying equipment supplies, creating problems in commissioning projects, heavy industries ministry, which exercises control over the PSU, has washed its hand of over the allegations. The latter also suggested that power projects are delayed due to other reasons.
In a letter to heavy industries secretary S Sundereshan, power secretary P Uma Shankar has said that a few gas and coal-based based power projects, scheduled for commissioning in the final years of the 11th Plan, have overshot the targets by several months as milestones committed by Bhel during the secretary level review meetings have not been achieved. He has also expressed fear that the delay could seriously impact capacity addition programme.
more at:
http://www.financialexpress.com/news/Power-min-blames-Bhel-for-delay-in-capacity-addition/850860/
In a letter to heavy industries secretary S Sundereshan, power secretary P Uma Shankar has said that a few gas and coal-based based power projects, scheduled for commissioning in the final years of the 11th Plan, have overshot the targets by several months as milestones committed by Bhel during the secretary level review meetings have not been achieved. He has also expressed fear that the delay could seriously impact capacity addition programme.
more at:
http://www.financialexpress.com/news/Power-min-blames-Bhel-for-delay-in-capacity-addition/850860/
Wednesday, September 21, 2011
NTPC expects BHEL to match Doosan's 800MW boiler tender bid
India's largest state-owned power generating company NTPC recently opened bids for large boiler and turbine tenders, which are being valued at Rs 7,500 crore.
While the company is still evaluating all bids, its chairman and managing director Arup Roy Choudhury says that L&T is likely to be the third lowest (L3) contender.
For the 800 megawatt boiler tender, Doosan has emerged as lowest bidder, while BHEL is the second lowers bidder, Choudhury confirmed. "We expect BHEL to match the lowest bid as rates are quite competitive," he told CNBC-TV18 in an exclusive interview.
Talking about the intensifying competition among suppliers, he said this was due to increase in the number of equipment manufacturers in the market.
NTPC (formerly National Thermal Power Corporation) is likely to award boiler and turbine tenders within a month.
ref:
http://www.moneycontrol.com/news/business/ntpc-expects-bhel-to-match-doosan39s-800mw-boiler-tender-bid_588656.html
While the company is still evaluating all bids, its chairman and managing director Arup Roy Choudhury says that L&T is likely to be the third lowest (L3) contender.
For the 800 megawatt boiler tender, Doosan has emerged as lowest bidder, while BHEL is the second lowers bidder, Choudhury confirmed. "We expect BHEL to match the lowest bid as rates are quite competitive," he told CNBC-TV18 in an exclusive interview.
Talking about the intensifying competition among suppliers, he said this was due to increase in the number of equipment manufacturers in the market.
NTPC (formerly National Thermal Power Corporation) is likely to award boiler and turbine tenders within a month.
ref:
http://www.moneycontrol.com/news/business/ntpc-expects-bhel-to-match-doosan39s-800mw-boiler-tender-bid_588656.html
Tuesday, September 20, 2011
BHEL aims to commission 20,000 MW equipment this fiscal
Bharat Heavy Electricals (BHEL) today said it expects to commission over 20,000 MW equipment, which includes overseas projects, in the current fiscal.
Addressing shareholders at the annual general meeting here, BHEL Chairman and Managing Director B Prasada Rao said the company's strategy to improve execution capabilities include vendor base expansion, rate contracts and enhanced outsourcing.
"The company has set an ambitious target of commissioning over 20,000 MW comprising utilities, industrial and overseas projects during 2011-12," he said. In 2010-11, BHEL commissioned 9,442 MW of power equipment. This includes 52 sets of equipment with a combined capacity of 7,667 MW, commissioned within the country and abroad.
Noting that BHEL is on track to become a 20,000 MW company by March 2012, Rao said the company would continue expanding its offerings in new growth areas such as solar, nuclear, transportation, transmission & distribution and water.
more at:
http://www.moneycontrol.com/news/business/bhel-aims-to-commission-20000-mw-equipment-this-fiscal_588453.html
Addressing shareholders at the annual general meeting here, BHEL Chairman and Managing Director B Prasada Rao said the company's strategy to improve execution capabilities include vendor base expansion, rate contracts and enhanced outsourcing.
"The company has set an ambitious target of commissioning over 20,000 MW comprising utilities, industrial and overseas projects during 2011-12," he said. In 2010-11, BHEL commissioned 9,442 MW of power equipment. This includes 52 sets of equipment with a combined capacity of 7,667 MW, commissioned within the country and abroad.
Noting that BHEL is on track to become a 20,000 MW company by March 2012, Rao said the company would continue expanding its offerings in new growth areas such as solar, nuclear, transportation, transmission & distribution and water.
more at:
http://www.moneycontrol.com/news/business/bhel-aims-to-commission-20000-mw-equipment-this-fiscal_588453.html
Sunday, September 18, 2011
Railways may allot R26k cr projects to Bhel sans bids
Indian Railways is weighing award of contracts worth R26,000 crore to state-owned Bharat Heavy Electricals (Bhel) on a nomination basis. The move, a departure from the earlier decision to execute these projects on a public-private partnership (PPP) basis, is a breach of Central Vigilance Commission guidelines discouraging such nominations and a Supreme Court judgment in 2006 which said nomination should be only a last resort. In such awards, a company doesn’t have to compete with other firms or submit any price bid.
The contracts include setting up two factories in West Bengal. For the last 15 months, railways had been testing the projects under PPP mode.
It had shortlisted nine international engineering firms including Alstom, Bombardier, Siemens, GE, Hitachi and Hyundai-Rotem for financial bids.
ref:
http://www.financialexpress.com/news/Railways-may-allot-R26k-cr-projects-to-Bhel-sans-bids/848517/
The contracts include setting up two factories in West Bengal. For the last 15 months, railways had been testing the projects under PPP mode.
It had shortlisted nine international engineering firms including Alstom, Bombardier, Siemens, GE, Hitachi and Hyundai-Rotem for financial bids.
ref:
http://www.financialexpress.com/news/Railways-may-allot-R26k-cr-projects-to-Bhel-sans-bids/848517/
Subscribe to:
Posts (Atom)
