PSUs plan Rs 1.41 lakh crore capex for FY14

Public sector undertakings (PSUs) from the steel sector have already geared up with their FY14 capex plans reports CNBC-TV18’s Anshu Sharma.

The Prime Minister’s Office (PMO) last week convened a meeting of the public sector undertakings (PSU) heads, in the capital. In the meeting it was decided that Rs 1.41 lakh crore will be invested by the public sector companies this financial year for capital expansion in the country. It was basically done for enhancing investment and utilisation of surplus cash. Also Read: Cash pile of major PSUs at Rs 1.62 lakh cr in 2012-13 According to sources Steel Authority of India (SAIL) from the steel sector is planning a capex of Rs 11,500 crore this financial year. It also expects to start its blast furnace in Rourkela and Burnpur, which will increase the hot metal production by 2.5 million tonnes. Sources also indicate that Manganese Ore India (MOIL) that Rs 246 crore is set aside for the capex plan, which will be utilised for mine development. Even, National Mineral Development Corporation (NMDC) has set aside capex of about Rs 2,800 crore, of which about Rs 1,500 crore will be kept aside for utilisation, for its Nagarnar steel plant in Chhattisgarh and rest will be used for mine development.