PSUs ready to invest; seek government backing

Chiefs of core public sector undertakings (PSUs) today told finance minister P Chidambaram that they are willing to make additional investments provided the government addressed the issue of project clearances, especially in the context of the coal scam.

These PSUS, that are reportedly sitting on a cash pile of a total Rs1,80,000 crore, told the finance minister that they are committed to step up investments, but wanted the government to address the issues related to project clearances and availability of coal.

Later, NTPC chairman and managing director Arup Roy Choudhury told reporters on the sidelines of the meeting that the company planned to invest around Rs20,000 crore in the current fiscal and that the company was confident of the capex plan.

He said discussions are on for speedy capital expenditure and that the PSUs are confident of achieving capex commitment.

"We also discussed problems related to coal in the presence of coal secretary," Roy Choudhury said.

He expressed the hope that there could be some direction from the finance minister after this meeting on the fuel linkage.