PSU chiefs say will meet capex plans, maintain dividend

ONGC chief Vasudev said: “We will achieve our annual capex plan.

New Delhi | Published:January 11, 2014 1:55 am

Heads of several blue chip state-owned firms on Friday assured finance minister P Chidambaram that they will try to meet their capital expenditure plans for 2013-14 and maintain the dividend paid last fiscal. There will be some shortfall, however, in the spending plans of the oil PSUs because of problems concerning pipeline projects in the south, petroleum secretary Vivek Rae said after the meeting.

Others present at the meeting included ONGC CMD Sudhir Vasudeva, SAIL chief CS Verma and Coal India chairman S Narsing Rao.

ONGC chief Vasudev said: “We will achieve our annual capex plan.There was a discussion on special dividend. I can’t commit on special dividend because we will have to discuss in board.

Coal India chairman Rao said: “We are on track. Our capex target is Rs 5,000 crore we will be spending Rs 5,000 crore.” Chairman of the steel major Sail Verma said: “We will achieve this year’s capex plan. Our board will decide on special dividend.” SAIL has plans to spend Rs 13,000 crore in the current fiscal to part-fund ongoing expansion, which will take its installed capacity to over 24 million tonnes per annum (mtpa).

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