The government is weighing the option of releasing only a part of the budgeted amount in the current fiscal, and balance in subsequent years if found necessary after assessing the financial position of these companies, according to official sources.
In the Budget 2023-24 presented on February 1, the government announced the equity investment plan for the three OMCS IOC, BPCL and HPCL - towards energy transition and net-zero objectives.
The change in the plan is in view of the improved revenues of the firms in recent months. Also, there are concerns about the shareholders having to cope with a fall in earning per share (EPS) as a result of the budgeted equity infusion plan.
"Capital infusion will happen gradually as that much cash is not immediately required by OMCs due to their improved revenues in recent months," a senior official told FE, adding that "only a portion" of the amount may be provided to the OMCs in FY24.
Denne historien er fra October 18, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra October 18, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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