PSU NEWS
ONGC and Oil India are not in favour of bearing higher subsidy for power and fertiliser companies.
New Delhi, :ONGC and Oil India are not in favour of bearing higher subsidy for power and fertiliser companies. following an expected hike in natural gas price from April next year. ONGC chairman Sudhir Vasudeva has informed the petroleum ministry that “any increase in the subsidy burden will be detrimental”. T.K. Ananth Kumar, director (finance) at Oil India, has said “upstream explorers should not be made to bear the subsidy for the fertiliser and power sectors”.
The two firms have said an increased subsidy sharing will impact their investment plans. ONGC plans to invest about Rs 11 lakh crore to double its production over the next 17 years. Telegraph
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