Some of our government owned companies are raking in the moolah. Yes, there are a like few Air India and BSNL, which are bleeding, but, there are also some solid profit making government companies. Take a look at the cash and bank balances of our cash rich public sector companies, most of which are blue chip companies.
Government owned Coal India Ltd has the maximum cash and bank balance estimated at Rs 43,776 crore, according to a PTI report. Despite sitting on a huge cash pile, the company has had tricky labour relations. In the picture members of Coal India Diploma Abhiyanta Sangh seen taking part in a mass demonstration in front of Coal India office to press for their demands in Kolkata earlier this year.
India's oil exploration major ONGC has a huge cash and bank balance of Rs 22,450 crores according to a PTI report. This is the second highest amongst government owned companies. The company plans to put the money to better use with ambitious oil drilling programmes, which is much needed given that we import 70 per cent of our crude oil from other countries.
Iron ore mining major, NMDC has a cash balance of Rs 17,230 crores. The company plans to utilise it to bid for assets abroad and also has ambitious plans to set up a steel plant in the country.
Power major NTPC had a cash balance of Rs 16,185 crores. Hope, the company puts it to good use given that the country is still power deficit. Recently, there have been reports that it is unhappy with the quality of coal supplied by Coal India.
Government owned Steel Authority of India (SAIL) has cash and bank balances of Rs 13,207 crore. SAIL is India's largest steel producing company with five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
Oil India is sitting on a cash and bank balance of Rs 11,770 crore. Oil India, is one of Asia's oldest and biggest pioneer oil exploration and production company. Seen in the picture is Oil Minister, Veerappa Moily.