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The long pending wage revision talks between the General Insurers' (Public Sector) Association of India (GIPSA) and the various employee unions have begun in a bad taste. The talks were held on Wednesday. The GIPSA, the lobby body for the four government owned multiline non-life insurers and the General Insurance Corporation of India (GIC Re) made their offer that was expected to be rejected and the unions rejected the same. The wage revision for the public sector general insurance employees was due from August 1, 2017. "The GIPSA offered seven per cent hike on the wage bill (without any wage arrears from 2017) or five per cent wage hike with two per cent of arrears," Sanjay Jha, Secretary Standing committee (General Insurance, All India Insurance Employees Association-AIIEA), told IANS. Jha said the AIIEA and other unions have rejected the 'disappointing' offer. According to him, the Joint Forum of Trade Unions and Associations will hold demonstrations during the lunch recess demanding a respectable wage offer maintaining insurance sector parity. "The financial position of the companies in 2017 was good. There is no reason for the management to make such an offer. Perhaps it is done to delay the wage revision further," said Vijay Sharma, President, National Confederation of General Insurance Officers Association (CONFED) and All India President of New India Assurance Officers Association. Sharma said the employees expect at least a 15 per cent hike offer, similar to what was given to the employees of Life Insurance Corporation of India. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/pankaj-tripathi-could-have-been-a-politician-like-his-character-in-mirzapur/articleshow/92403253.cms">Pankaj Tripathi could have been a politician like his character in Mirzapur</a> <a href="https://www.businessinsider.in/business/ecommerce/news/recommerce-platform-cashify-raises-90-mn-in-its-series-e-funding/articleshow/92402742.cms">Recommerce platform Cashify raises $90 mn in its Series E funding</a>

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

New Delhi: The decision of the <keyword id="20330004" type="General" weightage="100" keywordseo="Defence-Acquisition-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Defence Acquisition Council" meta.hostid="261" meta.entityid="Defence Acquisition Council">Defence Acquisition Council</keyword> (DAC) to accept 10 <keyword id="22515789" type="General" weightage="20" keywordseo="capital-acquisition" source="keywords">capital acquisition</keyword> proposals worth Rs 1.4 trn will not only boost <keyword id="23034601" type="General" weightage="20" keywordseo="domestic-defence-manufacturing" source="keywords">domestic defence manufacturing</keyword> but will contribute to the growth of the <keyword id="20362868" type="General" weightage="20" keywordseo="PSU-companies" source="keywords">PSU companies</keyword> in the defence sector, highlighted a report by Antique Stock Broking. The report noted that the growth of domestic defence manufacturing in the country has picked up significantly over the last few years and is expected to grow further in the future. It added that the government's focus on enhancing domestic capabilities is evident from its initiatives in FY24, where Acceptance of Necessity (AoN) was accorded to proposals worth approximately Rs 3.61 trillion under various capital procurement categories. These initiatives are in line with the Defence Acquisition Procedure (DAP) 2020, which strongly promotes domestic manufacturing. "The government, in FY24, accorded Acceptance of Necessity (AoN) to proposals worth approximately INR 3.61 trn under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020" said the report. A significant milestone highlighted in the report is the remarkable increase in the share of domestic procurement in India's defence sector. The share has improved from 54 per cent in FY19 to 75 per cent in FY24. The report noted that this trend is expected to strengthen further, driven by the fact that more than 99 per cent of the announced proposals are to be sourced from the domestic industry under the "Buy (Indian)" and "Buy (Indigenously Designed, Developed, and Manufactured)" categories. "The total share of domestic procurement has seen a phenomenal improvement from 54% in FY19 to 75% in FY24 and is expected to improve further. The report stated that the DAC's (Defence Acquisition Council) approval of proposals worth Rs 1.45 trillion is aimed at enhancing the operational capabilities of the Indian Armed Forces. The report further emphasizes that with Rs 1.45 trillion worth of projects already approved in the year-to-date FY25, the <keyword id="20994345" type="General" weightage="20" keywordseo="defence-PSUs" source="keywords">defence PSUs</keyword> are poised for strong growth in the near to long term. "With approval for Rs 1.45 trn worth of projects in YTDFY25, we believe defence PSUs have strong growth opportunities in the near to long term" the report added. The Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh on Tuesday accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore. Of the total cost of AoNs, 99 per cent is from Indigenous sources under the Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories, the Ministry of Defence stated. For the modernisation of the tank fleet of the Indian Army, the proposal for procurement of Future Ready Combat Vehicles (FRCVs) has been cleared. The FRCV will be a futuristic Main Battle Tank with superior mobility, all-terrain ability, multilayered protections, precision and lethal fires over and real-time situational awareness, the release stated. The AoN was also accorded for procurement of Air Defence Fire Control Radars, which will detect and track aerial targets and provide firing solutions. The proposal has also been approved for Forward Repair Team (Tracked) which has suitable cross-country mobility for carrying out in-situ repair during mechanised operations.

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

New Delhi, Apr 7 () State-run Nalco on Tuesday said it has contributed a sum of Rs 10.2 crore to tackle the coronavirus crisis. Nalco has made a contribution of Rs 5 crore, while its employees have pledged their one-day's salary amounting to Rs 2.6 crore to the PM CARES Fund. Further, the employees of the PSU have also contributed their one-day's salary amounting to Rs 2.6 crore to CM's Relief Fund, Odisha. "Nalconians stand with the nation and people of Odisha in the fight against Covid-19. Nalco contributes Rs 5 crore and one-day salary of employees amounting to Rs 2.6 crore to PM CARES Fund. Also contributes Rs 2.6 crore to CM's Relief Fund, Odisha (contribution of one day salary of employees)," the PSU said in a tweet. National Aluminium Company Ltd (Nalco) is a navratna PSU under the ministry of mines. The company has integrated operations in mining, metal and power sector. In order to prevent the spread of Covid-19, Nalco has taken several measures "to ensure the wide circulation of Do's &amp; Don'ts in its offices and townships," an official said. Besides, isolation wards have also been set up at the hospitals of the PSU to treat the suspected or infected patients. The company's plants and townships have been sanitised to combat the menace, along with the extensive awareness campaigns to fight the pandemic. SID DRR

Nalco contributes Rs 10.2 cr to fight coronavirus

New Delhi, Feb 6 () RailTel Corporation of India Ltd has singed a memorandum of understanding with defence PSU Bharat Electronics Ltd (BEL) for cooperation in the field of cloud services, IoT , e-governance, smart cities, networks for defence projects, mission critical communication systems for domestic and international markets, according to a statement from the telecom service provider on Thursday. The MoU was signed in the presence of BEL CMD M V Gowtama and Puneet Chawla CMD, RailTel. BEL, a Navaratna PSU under the Ministry of Defense, is a multi-product, multi-technology company with nine manufacturing units across the country and primarily manufactures advanced electronic products for the Indian Armed Forces. The MoU was signed at the DefExpo which is underway in Lucknow. ASG ASG SMNSMN

RailTel signs MoU with BEL for cooperation in cloud services, IoT , e-governance

New Delhi, Jun 23 () Coal India's fuel allocation under the exclusive e-auction scheme for non-power consumers like steel and cement jumped five-fold to 6.10 million tonnes (MT) in the last two months. The state-owned company had allocated 1.20 MT of coal to non-power consumers under the scheme in April-May 2019, as per latest government data. This growth comes amid Coal India Ltd (CIL) looking to tap the non-power sector for consumption of its coal in the wake of a slump in demand for the dry fuel. Under the scheme, CIL allocated 2.19 MT of coal last month, against no fuel allocated by the PSU in May 2019, the data said. For the entire fiscal 2019-20, the PSU's coal allocation under the scheme dropped to 8.03 MT from 11.36 MT in the previous year. The scheme was launched in 2015-16 to make coal available to non-power consumers, including captive power plants. CIL had earlier said it continues to face tepid demand for coal, with most of its customers, like the power sector, shying away from lifting adequate quantities. The power sector, which accounts for close to 80 per cent of CIL's total supplies, is brimming over with nearly 50 MT of coal stock, sufficient for 29 days of consumption, as at May-end, the PSU had said. Many plants have started restricting supplies from CIL further, shrinking coal despatches, it had said. During May, the power sector lifted 30.15 MT of coal from CIL sources, down 25 per cent from 40.38 MT in the same month last year. To find avenues for expanding its supplies, CIL is focusing on non-power sector consumers like sponge iron, cement, fertilisers and steel companies, persuading them to replace their imported coal with domestic supply. SID SID ANU ANU

CIL's coal allocation under e-auction for non-power sector jumps to 6 MT in Apr-May

New Delhi, Apr 14 () State-owned NLC India has discontinued the use of eight disinfection tunnels installed as a safety measure for its employees against Covid-19 following concerns raised about its effectiveness and the harm it may cause to human health, an official said. "The PSU was operating eight disinfection tunnels at its power plants, townships and hospital. But three days ago the company stopped using it on the directions issued by the state government of Tamil Nadu," a company source told . The company, which was in the process of setting up two more such disinfection tunnels, will not do so now due the concerns raised by the government, he added. The Director of Public Health and Preventive Medicine, Chennai, recently instructed all government departments in Tamil Nadu not to install such tunnels. It said that "disinfection tunnels will create a false sense of security and people may be diverted from handwash to disinfection tunnels. In addition, the spraying of alcohol/chlorine/lysol on human beings is not only harmful but also ineffective." "....it is instructed that disinfection tunnels should not be installed and used," it said. A company official had earlier said that "NLC Thermal team has fabricated disinfecting tunnels by using packing material and spares available with power plants which are now being used by all the power plants and mines in Neyveli." The company had earlier said disinfecting tunnels were set up to ensure protection of all employees before they entered the plants and mines. The PSU has also set up a 'fever clinic' for those with symptoms like fever, cough and breathing difficulties. Besides, NLC India has taken up measures for in-house preparation of liquid soap solution and sanitisers at its research centre. The company, under the coal ministry, is into coal and lignite mining and power generation. SID SID ABMABM

You Searched For "PSU companies" and got 6 results

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

IANS

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

ANI

Nalco contributes Rs 10.2 cr to fight coronavirus

PTI

RailTel signs MoU with BEL for cooperation in cloud services, IoT , e-governance

PTI

CIL's coal allocation under e-auction for non-power sector jumps to 6 MT in Apr-May

PTI

Covid-19: NLC India stops use of disinfection tunnels

PTI

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