Business News

• ONGC overtakes CIL as most valuable PSU
• Govt Plans selling HMT Bearings, TCIL
• PTC India Plans two private equity funds

ONGC overtakes CIL as most valuable PSU

Stateowned Coal India Ltd's (CIL) market capitalization took a sharp hit last week, with its valuation declining to `2.28 trillion, paving the way for oil and gas firm ONGC (Oil and Natural Gas Corp. Ltd's) to move up as the top PSU (public sector unit).

CIL fell sharply on heavy selloffs in metals and mining firms after the Centre cleared a draft Bill proposing that they share profits with the people displaced by their projects or pay them royalty.
CIL's valuation dipped `13,927.58 crore to `2.28 trillion pulling it down to fourth position from second after Reli ance Industries Ltd as on 1 July.

Govt Plans selling HMT Bearings, TCIL

After taking a decision on outright sale of ailing Scooters India Ltd (SIL), the government proposes to follow a similar model for disinvestment of HMT Bearings Ltd and Tyre Corp.
of India Ltd (TCIL)--the sick units con sidered to be beyond revival. “The department of heavy industry has prepared a proposal for a complete sellout of these two companies as the are beyond redemption,“ an official aware of the issue said. In fiscal 2010, HMT Bearings' net loss was at `15.31 crore, while TCIL reported a loss of `14.67 crore.

PTC India Plans two private equity funds

Leading power trading solu tions provider PTC India Ltd may float two private equity (PE) funds as part of efforts to strengthen its financing capa bilities.

“We are planning to have private equity funds... one for general purposes, and another focused on renewable energy sector. Plans are at an initial stage”, an official aware of the plans said.