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With an aim to increase credit growth by at least 20 per cent and maintain a capital adequacy ratio of 12 per cent over the next two-three years, Indian Overseas Bank (IOB) has recently submitted a capital requirement plan for nearly Rs 1,400 crore to the government. In an interview with Namrata Acharya, S A Bhat, chairman and managing director of IOB says while the bank is bullish on the domestic market, it hopes its growth to be good, if not extraordinary, overseas due to regulatory issues in certain geographies, such as Hong Kong. Excerpts:
Industry experts still remain cautious on numbers.
Come January and all mobile phone users will have 11-digit mobile numbers instead of their 10-digit numbers currently.
Oilmeal exports from India are falling due to higher prices and low quality compared to those from the US, Brazil and Argentina, which are offering better quality of soybean and rapeseed at lower prices. Exports are expected to come down by 15-20 lakh tonnes during 2009-10.
Voltas takes the social cause route to promote its air-conditioners.,
Amid a spate of attacks on Indians here, the Victorian government today said it will provide all relevant details to New Delhi on these incidents.
IndiaSkills, a joint venture between India"s leading higher learning organisation Manipal Education and UK-based City & Guilds, will invest Rs 200 crore over the next five years to offer vocational training courses across sectors like hospitality and retail.
Owing to mounting losses, Vijay Mallya-owned Kingfisher Airlines has returned 19 leased aircraft to lessors in the past 10 months.
Regulator may extend deadline after industry says it lacks Indian commanders
Cash-strapped Air India is focussing on cost reduction of Rs 1,500 crore and revenue enhancement of Rs 1,200 crore as per its turnaround plan and the government would infuse equity into the airline in the next few years, the Rajya Sabha was informed today.
Reliance Life Insurance has launched 17 new unit-linked plans to cater to individuals of all age groups.
Merger and acquisition volume in the telecom space worldwide stood at $49.2 billion so far this year driven by the US-based Frontier Communications" $8.6 billion acquisition of Verizon Communications.
Rising sugar prices are pushing biscuit manufacturers to plan a rise in their prices. The industry says commodity prices have reached a level beyond which it would be impossible to sustain the pressure and there is no other choice but to pass some of it on to consumers.
India Inc today urged the Finance Minister to continue the stimulus packages till firm signs of economic recovery are visible, and also reducing the corporate tax rates.
A new “old” Royal Enfield is born. We ride the Enfield Classic.
Auto major Mahindra & Mahindra today said it will launch its mini truck Maxximo-- the first product from its new facility in Chakan -- at the Auto Expo here during January 5-11.
Auto ancillary company Steel Strips Wheels today said it has received an order from European car maker Renault for supplying steel wheel rims, that would fetch the Indian company about euro 28 million (about Rs 195 crore).
Terror threat, swine flu scare and hike in air fares hit the tourism sector hard in 2009 with number of foreigners visiting the country dropping by over 6 per cent but the tourism ministry is now looking up to the Commonwealth Games to reverse the trend.
The state-of-the-art integrated terminal, called T3, of Indira Gandhi International Airport (IGIA) in New Delhi is poised to be the world’s second-largest, after Beijing in China, in terms of size. Once T3 starts operations before the 2010 Commonwealth Games in October, IGIA will become the world’s sixth-largest in terms of capacity. T3 would increase the capacity of IGIA to 60 million passengers annually, from 23 million after it starts commercial operation in July next year. The airport is expected to increase capacity to 100 million passengers by 2030 depending on traffic growth.
Aditi Technologies, an outsourced product and application development firm, is increasing its focus on intellectual property (IP)-led domain services for which it plans to double its headcount to over 2,000 people over the next 18 months. The company hopes this move will help it cross the $120 million mark in revenues during the same period.
KPIT Cummins Infosystems Ltd, a global IT consulting and product engineering company, has entered into a definitive merger agreement with Sparta Consulting, a California, USA-based firm and a leading provider of high end SAP solutions. The all cash agreement is for a milestone based consideration of $38 million which includes a bonus of $4 million.
While there are visible signs of a recovery in the real estate market, price hikes by developers and any increase in interest rates could halt this momentum.
Brace for short-term correction.
Foreign fund house Sloane Robinson LLP has hiked its stake in Indiabulls Real Estate to 5.42 per cent through open market share acquisition.
The move to acquire Brazil-based Vale Do Ivai and favourable business environment augur well for Shree Renuka Sugars.
The stock touched a high of Rs 233 and finally settled 4% higher at Rs 228. The counter clocked volumes of 1.93 million shares on the BSE.
Kolkata-based Balrampur Chini Mills profit after tax for fourth quarter ending September 30, 2009 improved 193 per cent at Rs 42.7 crore from Rs 14.58 crore in the fourth-quarter last year. Net sales dropped to Rs 379.96 versus Rs 416.73 crore in the corresponding quarter in the preceding year. Earnings per share gained 192.7 per cent at Rs 1.67 as against 57 paise in the year ago quarter.
Education and placement company EdServ Softsystems today said it plans to raise $25 million through Global Depository Receipts or Foreign Currency Convertible Bonds to fund its expansion in the school and online tuition services markets.
Vijay Mallya-led Kingfisher Airlines is planning to raise up to $600 million (about Rs 3,000 crore) in the current fiscal to pay-off part of its debt.
The growth in domestic manufacturing sector slowed down in August though the domestic demand continued to drive recovery despite lower margins. The HSBC Market Manufacturing Purchasing Managers Index (PMI), a seasonally adjusted headline index designed to measure the overall health of the manufacturing sector, stood at 53.2 last month down from 55.4 in July.
The government"s fiscal deficit has reached almost half of the full-year estimate in the first six months of FY10.
TECH TONIC
With Finance Ministry"s defiance pushing fuel retailers into red, Oil Minister Murli Deora today requested Prime Minister Manmohan Singh to immediately issue over Rs 20,870 crore worth of bonds to state-run firms to make up for losses they incurred on fuel sales.
Global commodities experienced a steep fall today, as investors and hedge funds across regions unwound their long positions after the news of Dubai’s debt crisis. Most commodities were down today between three and five per cent as the dollar strengthened. In late afternoon trade, however, prices recovered.
Support at 5,150, resistance at 5,300.
Private snooping agents may be used to carry out special checks on violation of Intellectual Property Rights (IPRs) on official trademarks and brand merchandise of the Commonwealth Games (CWG) next year to avoid monetary loss to the tune of crores of rupees.
The Orissa government today rejected the Opposition demand for an enquiry by the Central Bureau of Investigation (CBI) into the irregularities at high level in the alleged mining scam running into hundreds of crores.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 775.26 crore in futures and options segments on Friday.
The Sensex continues to display firm movement after a positive start this morning. The index so far has touched a highh of 17,055, and is now up 169 points 17,018.
A breakout is more probable, since the market rarely range-trades inside 150-200 points for extended periods.
In the past three sessions, the market has tested 5,015 and pulled back.
This refers to “Energy savings can wipe out shortages” (January 8). An integrated approach for energy savings is the need of the hour. Despite efforts by the various organisations like Bureau of Energy Efficiency (BEA) and Petroleum Conservation & Research Association, nothing substantial has been achieved.
Barring intra-day corrections, the market displayed a firm trend throughout the week. The Sensex rallied 4.27 per cent (691 points) to end at 16,849. IT, metals and select banking stocks were the major gainers during the week.
Glenmark Generics today said it has received ANDA (abbreviated new drug application) approval from the United States Food and Drug Administration for Ciclopirox Olamine cream, used in the treatment of dermatological infections.
Fashion and lifestyle retail chain Shoppers Stop today said its board of directors has approved raising funds by allotting 40 lakh shares to qualified institutional buyers.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
Wahid Mansoori (37) grew up watching Hindi movies from the 1930s. Courtesy his father’s habit of collecting Bollywood memorabilia, Mansoori now runs a business selling them.
India may be looking at Qatar for a "sweetheart" gas deal but Doha appears in no mood to sell liquefied natural gas (LNG) at anything less than $9-11 per mmBtu, rates which are more than double domestic gas price.
Petroleum Minister Murli Deora today requested Prime Minister Manmohan Singh to immediately issue oil bonds worth over Rs 20,870 crore to state-run firms to make up for losses they incurred on fuel sales.
The $100-million (Rs 470-crore) equity infusion through issue of global depository receipts (GDRs) to US-based buyout specialist Apollo Management and Rs 410 crore expected from the third tranche of its rights issue should help India’s largest direct-to-home (DTH) service provider, Dish TV, increase its subscriber base and post an improvement in performance.
Things are looking up for the DTH business. Why, then, is everybody so glum?
Tata Teleservices, Reliance Communications and other private mobile telecom operators owe over Rs 603 crore to the government towards outstanding spectrum charges and licence fee for the last three years.
Anil Ambani-led Reliance Natural Resources (RNRL) today accused Reliance Industries (RIL) in the Supreme Court of unilaterally inserting provisions in the agreement for gas supply, saying it went against the family MoU of 2005 providing for fixed quantity of gas from the KG Basin for 17 years.
With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies.
Dish TV, the direct-to-home (DTH) arm of Subhash Chandra’s Essel group, will raise Rs 1,000 crore from foreign markets, issuing foreign currency convertible bonds (FCCBs) in a month.
Shishir Prashant / Dehradun January 1, 2010, 0:23 IST
“Reverse swing at Kotla”, Dec 29, was a wonderfully argued piece. At a time when everyone is criticising the Delhi and Districts Cricket Association (DDCA) for producing an unplayable pitch, you have put things in perspective.
Mobile telephone subscribers would have to wait a little longer to change their service provider without changing their numbers. The introduction of mobile number portability (MNP) across the country would be delayed by about two to three months, as some of the operators are not ready, said a senior official of the Telecom Regulatory Authority of India (Trai).
Steel Authority of India Limited (SAIL) chairman Sushil Roongta was in Beijing in October for induction in the hallowed committee of the World Steel Association now chaired by Lakshmi Mittal. Being an astute business diplomat, he made use of the visit to find out what China was going to do with its rapid steel capacity build up and production.
For the December 2009 quarter, SAIL saw net sales at Rs 9,880 crore up 11 per cent year-on-year, in line with market expectations, even as seasonal impact saw sales dip 2 per cent sequentially. The company’s steel sales was at 2.9 million tonnes (mt) in the recently concluded quarter against 3 mt in the September 2009 quarter and 2.4 mt in December 2008 quarter.
Decrease in fuel prices in the Mumbai licence area pulled down Tata Power"s revenues in Q1 FY10 to Rs 2,015.62 crore as against Rs 2,026.13 crore.
Somany Ceramics, one of the leading ceramic manufacturer in India, the profit before tax recorded an increase of 105.5 per cent rising to Rs 5.28 crore from Rs 2.57 crore in the same period last year. The company reported an increase of 19 per cent in net sales to Rs 99.59 crore as against Rs 83.75 crore in the corresponding quarter last year.
Corporate India today warned the government that any regulation of CEOs" pay may lead to flight of talent and capital from the country and said salaries are best decided by the industry.
The tariff war in the telecom industry is set to ring in good news on New Year’s Eve with companies such as Bharti Airtel and Reliance Communications (RCom) deciding against charging more for text messages on December 31.
Expressing concern over series of arrests of US nationals as terror suspects, Secretary of State Hillary Clinton has said much of the training and direction for terrorists comes from Pakistan and the border area with Afghanistan.
Why would the government want to rush through a badly drafted law, full of ambiguities? This is the question worrying R. Sreedhar, director of the Academy of Mountain Environics, a well-known trust promoting sustainable development solutions, about the National Green Tribunal Bill, 2009.
The Union government has directed state-run telecom majors, BSNL and MTNL, to continue placing 30 per cent of their product orders with ITI, the loss-making government undertaking.
Novartis finally ended with a Rs 21 or 3.6% gain at Rs 590. Around 30,063 shares changed hands at the counter today.
Rajya Sabha was today adjourned sine die after a month-long session, which witnessed passing of 17 government bills and discussions on a range on issues, including the Liberhan report and price rise.
The auction of 3G spectrum is on track and the empowered group of ministers (EGoM) will take a decision on the number of slots to be sold, Telecom Minister A Raja said today.
Work on checking oil spill from MV Black Rose, the sunken vessel, has taken off a day after the visit of the high-level expert team from the Centre.
State-owned National Aluminium Company (Nalco) is scouting for financial partners to part fund its Rs 7,800-crore proposed aluminium project in Iran.
State-run National Aluminium Company (Nalco) today increased prices of aluminium by Rs 3,500 a tonne, a second hike for the prevailing month, citing improvement in the metals rate at the London Metal Exchange (LME).
India’s nuclear power generator, Nuclear Power Corporation (NPCIL) has projected an investment of Rs 1 lakh crore for nuclear capacity addition of 10,000 Mw by 2020. The cumulative funding for these projects would be on a 70:30 debt equity ratio.
The Indian Space Research Organisation (Isro) is planning to launch the Cartosat series ‘Cartosat-2B’ remote sensing satellite in March this year, Isro Chairman K Radhakrishnan said here today.
National air-carrier, Air India (AI), today said it targets to save around Rs 800-900-crore, following the implementation of its fuel efficiency programme, started in 2008.
The private carriers would continue to provide ground handling services inside the airport terminal, along with airport operators, Air India (AI) and other selected specialised service providers, under the policy approved by the government today.
Though the Centre announced that it had “initiated the process” for forming a separate Telangana state, many in the ruling Congress party feel this might be easier said than done.
10 companies to be penalised, Reliance General attracts biggest penalty.
Oil India Ltd (OIL), the country’s second-largest state-owned explorer, has posted a 23 per cent increase in net profit for the quarter ended December 2009 on the back of higher price realisation due to a reduced subsidy outgo.
The new businesses of the life insurance companies grew 22 per cent to Rs 55,355 crore in the first eight months of the current fiscal, compared to the corresponding period last year.
UnitedHealth Group Inc, WellPoint Inc and smaller US insurers gained a year under Senate Democrats’ proposed health-care legislation before the start of a tax that industry lobbyists say will drive up premiums.
To overcome the difficulties and challenges faced in smooth and timely movement of mails and parcels across North-East due the region’s hilly and thickly forested routes, the department of post (DoP) has decided to install Global Positioning Systems (GPS) to track the movements of its mail motor vehicles in the region.
Reliance Industries Executive Director R Ravimohan is no more. He died Monday night due to a severe cardiac arrest. He was 52. Ravimohan is survived by wife Madhuralakshmi, daughter Hridaya and son Jagad.
Petroleum Minister Murli Deora, an otherwise able administrator, may earn the distinction of presiding over the fall of individuals and institutions in oil sector in a year when he also faced accusations of taking sides in corporate battles.
State-run Bharat Sanchar Nigam Ltd (BSNL) today announced the launch of per-second billing plan, joining a host of mobile phone operators who have already introduced such tariff scheme.
Huawei, Samsung, Alcatel-Lucent, Hitachi may also bid.
State-run Bharat Sanchar Nigam Ltd (BSNL) today announced the launch of per-second billing plan, joining a host of mobile phone operators who have already introduced such tariff scheme.
Among many fallouts of the general elections in West Bengal in 2009, the resurgence of trade unionism, in particular, has significantly affected industry in the state during the last year.
Business Standard / New Delhi January 06, 2010, 0:03 IST
The markets are trading in the positive zone as global markets have improved on news of easing Dubai fears. Abu Dhabi has lent $10 billion to Dubai as emergency funds.
Union Minister for New and Renewable Energy Farooq Abdullah and Punjab Chief Minister Parkash Singh Badal laid the foundation stone of the 60 Mw biomass-based Green Energy Power Plant of Lakshmi Energy and Foods Limited (Lakshmi Group) at Khamanon village of Fatehgarh Sahib in Punjab.
The order win by Suzlon’s subsidiary, REpower, to deliver 954 Mw of wind-power equipment is its largest ever onshore deal.
Progress on infrastructure, real estate and power projects will determine value creation in the long run.
On Thursday morning the first prototype twin-seater, trainer version of the Tejas Light Combat Aircraft (LCA) taxied out to the runway in Bangalore.
Even before 2009 started, all initial indicators suggested that India Inc’s year in the UK would be that of the Tatas. The close of the year simply confirmed this with plenty of interesting developments leading to that foregone conclusion.
India has earmarked Rs 500 crore for the relief and rehabilitation of the Internally Displaced Persons (IDPs) in Sri Lanka, Lok Sabha was informed today.
Don"t let soaring gold prices dampen your passion for jewellery, switch to paper adornments.
Business Standard / New Delhi August 20, 2009, 0:46 IST
The Andhra Pradesh government has decided to order a CBI inquiry into the helicopter crash in which former chief minister YS Rajasekhara Reddy and four others died.
The Indian video games industry - minuscule compared to the evolved western markets - is poised to grow 49 per cent to touch $830 million by 2012, when the country"s overall animation market will scale $1 billion, says a report of software industry body Nasscom.
Private sector life insurer Max New York Life today launched Shiksha Plus, a Unit Linked Plan, to facilitate a child’s aspirations and goals over different phases of student life.
SBI Caps heads global loan chart; power sector dominates.
Marxist veteran Jyoti Basu"s son Chandan Basu today said he felt bad about the rumours being spread about the health of his father, who was critically ill in a hospital here with pneumonia.
Chairing a meeting of the full-time members of the Planning Commission, Prime Minister Manmohan Singh today asked the commission’s members and officials to keep track of state-level development.
Veteran Marxist leader and former West Bengal Chief Minister Jyoti Basu was put on ventilator this morning after his condition turned serious.
Shyamal Majumdar / Mumbai January 07, 2010, 0:37 IST
Omkar Goswami / New Delhi December 31, 2009, 0:48 IST
The new Companies Bill, 2008, which lapsed after the 14th Lok Sabha was dissolved, is likely to be re-introduced in Parliament this week, official sources said.
Ministry of Corporate Affairs (MCA) Minister Salman Khurshid today said the government will consider strategic sale of Maytas Infra if the company board decides to do so.
While launching a report on ecosystem services and biodiversity, Jairam Ramesh Union minister of state (independent charge) for environment and forests said that he didn"t know that there also existed blue and brown carbon besides green and black carbon. “These colours of carbon can be the answers to Benetton,” he joked.
The global petrochemical industry’s centre of gravity is shifting to the feedstock-rich West Asia as dozens of new projects are coming up in the region while production falters elsewhere. According to Chemical Week, co-organiser of the Fourth Annual GPCA Forum, 19 million metric tonne ethylene, the key building block for petrochemicals, is scheduled to be added annually to the Gulf region capacity over the next five years, nearly doubling the current capacity and providing extensive raw materials for downstream industries.
The Finance Ministry today said the financial crisis in Dubai, triggered by a slump in real estate, may not impact remittances sent by Indian expatriates in the Gulf.
News Corp, Time Warner Inc, and Qualia Capital LLC are interested in buying the Metro-Goldwyn-Mayer Inc film studio, owner of the ‘James Bond’ franchise, according to people with knowledge of the situation.
On Thursday morning, the first prototype twin-seater, trainer version of the Tejas Light Combat Aircraft (LCA) will taxi out to the runway in Bangalore. With its design team watching tensely from the sidelines, the two test pilots will rev up the engine, race down the runway and, if all goes according to plan, lift the twin-seat Tejas into the sky for its first flight.
Religare Enterprise is expanding is investment banking division. The financial services company has started an investment banking division to tap opportunities in emerging markets. This new division will be part of Religare Capital Markets Limited (RCML).
Brian Moynihan, Oswald Gruebel and Josef Ackermann, leaders of some of the world’s biggest banks, met during the World Economic Forum in Davos, Switzerland, to plot how to reassert their influence with regulators and governments.
Students can bid for, and work with, a corporate chief for a day
Gujarat Co-operative Milk Marketing Federation (GCMMF), marketing its products under the brand Amul, will hike milk prices for the second time this year by Rs 1 per litre in the city from tomorrow, a senior federation official said today.
The train running between Baramulla to Anantnag in Kashmir is all set to extend up to Qazigund next month.
The land cost at the proposed Kashipur estate is likely to be 40 to 50 per cent cheaper than the other industrial areas in Uttarakhand.
After setting up wind mills of 7.2 Mw near Karad in Maharashtra, the Rs 3000 crore Parle Products company is planning windmill projects in Gujarat. The company is in the process of scouting for suitable land in the coastal areas of the state.
Global outsourcing and innovation company Aricent plans to increase its global headcount by 10-15 per cent in the current fiscal. Of this, around 70-80 per cent will be in India.
If I Could Tell You is a rather modest title for a book that makes no pretence of doing anything else. You could have your own point of view on whether something so essentially personal, with no real context or history, should stretch to 200 pages between two hard covers, but there’s no doubting the sincerity of intent. “Me at my most truthful and unadorned,” the unnamed narrator says, as he weaves a lyrical tale of his life in a series of letters to his daughter.
A call to Airtel IPTV’s helpline number turns out to be a weird experience
Nilanjana S Roy / New Delhi December 1, 2009, 0:39 IST
Private Equity (PE) investments into South India have dropped 64 per cent between April and September, 2009, to $626 million from $1752 million, during the same period last year. The number of deals fell 48 per cent. Among the four states in South, Andhra Pradesh had attracted the highest investment, in terms of value.
Hinduja Group flagship company Ashok Leyland today reported a jump of 56.99 per cent in its commercial vehicle sales at 5,333 units in October as compared to the same month in 2008.
Prices of sugar in Uttarakhand have reached an all-time high of Rs 42-44 per kg in the retail market, thanks largely to sugarcane shortfall.
The government is reminding the Chief Justices of High Courts to initiate the process of filling up the vacancies of judges, Law Minister M Veerappa Moily said, pointing out that there are seven vacancies in the Supreme Court and 240 in High Courts.
The country"s largest car maker, Maruti Suzuki India (MSI), has temporarily stopped production of its mid-sized sedan SX4.
Businessstandard / New Delhi December 27, 2009, 0:14 IST
Orissa overnment today asked Posco-India to focus on welfare of people who would be displaced by the company"s Rs 52,000 crore steel project, which is facing resistance from locals.
Jagdish Khattar wants to fill the gap in the service infrastructure for cars. Will he succeed?
At the height of the dot-com boom of the 1990s, several executives at McKinsey & Company, the world’s most prestigious management consulting firm, launched what they called the War for Talent. After extensive research, they concluded that the best companies had leaders who were obsessed with “the talent issue”. They recruited ceaselessly, finding and hiring as many top performers as possible. They singled out and segregated their stars, rewarding them disproportionately, and pushing them into ever more senior positions. The “talent mind-set” became the new orthodoxy of American management — the intellectual justification for why a high premium was placed on degrees from first-tier business schools, and why the compensation packages for top executives had become so lavish.
Passing by the florist’s yesterday, I had to restrain myself from buying tuberoses — not for decoration, but for consumption. Tucked away among the many treasures in the Virago Book of Food is this gem, marrying the domestic art of flower arrangement with an opulent exoticism: “Put an ounce of tuberoses in a vase, having removed the leaves of the plant. Pour six quarts of (lukewarm) water on top, in which you have already dissolved 12 ounces of sugar…” and so on, until you have made tuberose ices.
Tata Steel today said its sales for the October-December quarter surged 49 per cent to 1.5 million tonnes, driven by robust demand from sectors like automobiles and consumer durables.
Dr Reddy’s Laboratories has succeeded in developing a copycat or generic version of Pfizer’s Lipitor, the world"s largest selling drug which has sales of over $10 billion.
Hyderabad-based pharmaceutical major Dr Reddy’s Laboratories Ltd (DRL) more than doubled its net profit to Rs 217 crore during the July-September quarter compared to Rs 105 crore in the same period last year, its consolidated results announced today show.
Anil Dhirubhai Ambani Group (ADAG)’s flagship company Reliance Infrastructure Ltd (R-Infra) has won a Rs 1,000-crore road project from the Gujarat government, within a week after winning the Rs 1,725-crore Pune-Satara Road project from the National Highway Authority of India (NHAI).
Vedanta Group company Sterlite Energy is believed to have bagged the country"s first Ultra Mega Power Transmission (UMTP) project, breaking the decades-old monopoly of state-run PowerGrid Corporation.
Six out of the top 10 companies added over Rs 24,000 crore to their market capitalisation last week with telecom giant Bharti Airtel alone contributing one-third of the gain.
Major growth driver will be transmission and road projects.
The Cabinet is likely to consider tomorrow granting the coveted "Maharatna" status to select profit-making Central Public Sector Enterprises (CPSEs), including ONGC, SAIL, BSNL, NTPC and CIL, that will offer them greater functional autonomy.