loss making ONGC, Air India, BSNL may shut down

[Nova2]

Didn't ONGC just post good profits?

????

The govt has set a disinvestment target of 58,425 crores or ~$10bill for this fisical year. ONGC is one of those PSU's whose 5% stakes would be on sale by late this year which would fetch around $3billion,even though it is making profits.

ONGC, with a market value of $57 billion, has struggled for years with stagnant production and a lack of commercially viable discoveries. It is burdened by a subsidy regime that forces it to sell oil and gas cheaply.
The objective is not to privatise, just to contain the fiscal deficit.

 

[vK_man]

ONGC is very profitable.The article is utter nonsense on the claim that ongc is loss making.

Oil and Natural Gas Corporation Profit & Loss account, Oil and Natural Gas Corporation Financial Statement & Accounts

ONGC: Profit and loss (P&L), Financial Summary of ONGC - NDTVProfit.com

 

[The Unnamed]

ovl needs to spin off ongc.

the trade unions of these PSUs including HAL are resistant to change and oppose modernisation.

The only way to stop this culture is to shut them down, use the resources to fund new entities based on foreign collaboration or domestic long term partners. that is the goal for MoD too it seems. good. hour of judgement.

 

[Donatello]

They have to sell their products on subsidized rate.

Well, in any case it's government ownership. Subsidies come from Government.

 

[pursuit of happiness]

See the problem is if current GoI part! Tomorrow some other Govt. will come, are you willing to let go of the efficiency then?

The administration should be efficient at its own level and the hire and fire policy will ensure that, independent of who is at the helm.

--
if --- is most of time make or break parameter
but atlast this GOI trying to work for people... atleast it seems like that

 

[Donatello]

The govt has set a disinvestment target of 58,425 crores or ~$10bill for this fisical year. ONGC is one of those PSU's whose 5% stakes would be on sale by late this year which would fetch around $3billion,even though it is making profits.

ONGC, with a market value of $57 billion, has struggled for years with stagnant production and a lack of commercially viable discoveries. It is burdened by a subsidy regime that forces it to sell oil and gas cheaply.
The objective is not to privatise, just to contain the fiscal deficit.

I think it is best to sell when it is making some kind of profit. Pakistan is doing same with OGDCL, which has a mammoth revenue stream and number of oil/gas fields, but i makes sense to sell them now rather than wait for shyt to happen like PIA/Air India

 

[pursuit of happiness]

What do u mean? The specific unions object to firing of any emplyee on any grounds.

--
see i m not saying it all well with labior union ..
but if they are not saint then not devil either
very few in worker category need free pay wihout work
most like to work and get paid..
--
caste
is imp aspect in our each life..
i know even top govt official are discrimated on ground of caste in govt
i am not saying all but it still happpens
not by desgin but by sheer historical backdrop
those who take caste as cover for non working need to be punish
those who take caste as criteria as solde decision paramter need to be punish too

I think it is best to sell when it is making some kind of profit. Pakistan is doing same with OGDCL, which has a mammoth revenue stream and number of oil/gas fields, but i makes sense to sell them now rather than wait for shyt to happen like PIA/Air India

--
dear
ONGC is in profit... and will remain soo .. because it run by professionals
Sarraf to succeed Vasudeva as ONGC Chairman in March 2014 - Business Today
max govt ging 10% disinvestment
retin mjoirty stake

----
air india -pia
its almost same story like pia
but Air india still make sense as it can make it big with right people ..

 

[IND151]

Loss making ONGC, Air India, BSNL may shut down

What a stupid title, at best majority of their shares willl be sold to private companies, they will not be shut down.

 

[pursuit of happiness]

its for only AI and BSNL
that too proposal level

 

[vK_man]

ovl needs to spin off ongc.

the trade unions of these PSUs including HAL are resistant to change and oppose modernisation.

The only way to stop this culture is to shut them down, use the resources to fund new entities based on foreign collaboration or domestic long term partners. that is the goal for MoD too it seems. good. hour of judgement.

Hal and DRDO need Russian training or minority ownership stake by Russian govt/UAC . That should improve competitiveness of Hal and DRDO. Plus it will enable Tejas to be sold to African countries as a ground attack light bomber.

 

[Nova2]

I think it is best to sell when it is making some kind of profit. Pakistan is doing same with OGDCL, which has a mammoth revenue stream and number of oil/gas fields, but i makes sense to sell them now rather than wait for shyt to happen like PIA/Air India

Well Air India has been a different story altogether, Air India and Indian Airlines were merged into two in '07 ,back the they made a accumalated loss of $100mill ,after the merger it shot up by $1.2bill in '07-08 & $7.1bill in '11. The thing is political mess up which kill PSU units. 111 aircrafts were purchased post merger ,Air India could simply not afford it and so why it had a bebt of $7.1bill 4yrs down the line.
ONGC is making profit,in 2012 profit was $3.8bill,they want to sell just 5% of ONGC worth $3bill,to keep fisical deficit undercontrol for this fisical,(as the govt expect to raise $10bill from disinvestment) another reason is to increase production,which as of now is stagnant. As for subsidy,RBI is asking GoI to deregulate diesel prices at the earliest. Subsidies wont last for long,as they are killing our PSU units.
Even OGDCL is dealing in Green. It wouldnt make any sense to sell it completely . Oil & Gas firms are sort of national assest,it better to improve them than to sell them ,if in case they are dealing in red.

Loss making ONGC, Air India, BSNL may shut down

What a stupid title, at best majority of their shares willl be sold to private companies, they will not be shut down.

The idiot thinks selling 5-10% stakes of these firms would shut'em down. I wonder how these guys become a reporter.

 

[acid rain]

Well Air India has been a different story altogether, Air India and Indian Airlines were merged into two in '07 ,back the they made a accumalated loss of $100mill ,after the merger it shot up by $1.2bill in '07-08 & $7.1bill in '11. The thing is political mess up which kill PSU units. 111 aircrafts were purchased post merger ,Air India could simply not afford it and so why it had a bebt of $7.1bill 4yrs down the line.
ONGC is making profit,in 2012 profit was $3.8bill,they want to sell just 5% of ONGC worth $3bill,to keep fisical deficit undercontrol for this fisical,(as the govt expect to raise $10bill from disinvestment) another reason is to increase production,which as of now is stagnant. As for subsidy,RBI is asking GoI to deregulate diesel prices at the earliest. Subsidies wont last for long,as they are killing our PSU units.
Even OGDCL is dealing in Green. It wouldnt make any sense to sell it completely . Oil & Gas firms are sort of national assest,it better to improve them than to sell them ,if in case they are dealing in red.


The idiot thinks selling 5-10% stakes of these firms would shut'em down. I wonder how these guys become a reporter.

INSIDE NEWS: AIR INDIA HAS BEEN ORDERED TO BE SOLD. BSNL TO BE COMPLETELY DIVESTED. NO NEWS ON ONGC.

 

[Nova2]

INSIDE NEWS: AIR INDIA HAS BEEN ORDERED TO BE SOLD. BSNL TO BE COMPLETELY DIVESTED. NO NEWS ON ONGC.

Hmm,not surprised. BSNL has been turned into a joke cos of it poor service. ONGC 5% stake sell would be max.but how did u get this inside news?

 

[acid rain]

Hmm,not surprised. BSNL has been turned into a joke cos of it poor service. ONGC 5% stake sell would be max.but how did u get this inside news?

Spoke to some people from them.

 

[Kaniska]

This is not good move...Public sector mare making lossed beacuse of Govt influence and culture of Babuism....If GOV does not use these corporation for political appointment then it could perform better..At least Govt should have a stakeholder with Telecommunciation, Aviation and Fuel...You can divest some portion of it, but you should not make it completely private.