Air India, BSNL likely to be provided govt support: PM

New Delhi: Amid the demand from the civil aviation ministry for induction of Rs1,200 crore as fresh equity into Air India, prime minister Manmohan Singh today said the government is actively considering helping the national carrier, reports PTI.

Along with the Air India, state-owned telecom firm Bharat Sanchar Nigam Ltd (BSNL) is also likely to get the government support.

“Enterprises which are facing difficulties, such as Air India and BSNL, are receiving the due attention of the government,” Mr Singh said.

The prime minister was addressing an award function of the Department Public Enterprises and PSUs’ body SCOPE here.

Saddled with the loss of Rs5,551 crore in 2009-10, Air India is seeking induction of fresh equity to improve its balance sheet.

Civil aviation minister Praful Patel met Plan Panel deputy chairman Montek Singh Ahluwalia yesterday in this regard.

A Cabinet note on equity infusion proposal has already been circulated among the key economic ministries including finance.

If the proposal is approved, it would be the second tranche of equity infusion since 2008-09 when Rs800 crore was released to the beleaguered carrier.

BSNL, which used to be a flagship telecom company, lost market share to the private sector operators and posted its first loss at Rs1,822.65 crore in 2009-10.

Talking about the ailing public sector units, the prime minister said that 20 out of 39 companies revived by the Board of Reconstruction of Public Enterprises, were making profits.

“We must ensure that these improvements are sustained in the long run, and these companies do not need to come back to the government for fresh revival packages,” he added.


RIL, Tata Steel, M&M among biggies with higher advance tax outgoes

Mumbai: Leading lights of India Inc such as Reliance Industries (RIL), major Tata group companies and auto majors Mahindra & Mahindra (M&M) and Bajaj Auto seem to have clocked a robust performance so far this fiscal if their higher advance tax outgoes are any indication, reports PTI.

The Mukesh Ambani-spearheaded RIL has paid a higher advance tax this time at Rs1,191 crore as against Rs834 crore in the year-ago period, an Income Tax source told PTI here today.

Kumar Mangalam Birla's Hindalco has paid a higher advance tax at Rs200 crore as against Rs148 crore in the same period last year.

Three Tata group companies—Tata Steel, TCS and Tata Motors—also seem well set on the growth path with higher tax outgoes.

Tata Steel has paid Rs1,000 crore as advance tax as against Rs650 crore in the year-ago period, while TCS has an outgo of Rs230 crore as against Rs177 crore in the corresponding period of last year.

Tata Motors has also paid a substantially higher advance tax this time at Rs220 crore as against just Rs100 crore in the year-ago period, the source said.

Two-wheeler major, Bajaj Auto has paid Rs370 crore as against Rs310 crore in the year-ago period while M&M’s outgo this time stands at Rs236 crore as against Rs195 crore in the same period last year.

Two leading cement majors, however, have paid a lesser advance tax. ACC has paid only Rs40 crore this time as against Rs110 crore in the same period last year while Ambuja Cements has paid a substantially lower Rs60 crore as against Rs140 crore in the year-ago period, the source said.


ING prospering life

Prosperity for ING, not for policyholder

The charges on ING Life India’s new ULIP—ING...

Premium Content
Monthly Digital Access


Already A Subscriber?
Yearly Digital+Print Access


Moneylife Magazine Subscriber or MSSN member?

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)