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The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the capital infusion for an overall value of Rs.12,450 crore; (including Rs. 2,500 crore infused in FY 2019-20) in the three Public Sector General Insurance Companies (PSGICs) namely Oriental Insurance Company Limited (OlCL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL) but of which Rs.3,475 crore will be released immediately; while the balance Rs,6475 crore will be infused later. Cabinet also approved increase in authorised share capital of NICL to Rs.7,500crore and that of UIICL and OlCL to Rs 5,000 crore respectively to give effect to the capital infusion. Further, the process of merger has been ceased so far in view of the current scenario and instead, the focus shall be on their profitable growth.

The capital infusion of Rs.3,475 Crore will be allocated to three PSGICs viz. OlCL, NICL and UIICL as the first tranche in the current financial year and the. balance amount will be released in one or more tranches. To give effect to the infusion, the authorised capital of NICL will be increased to Rs. 7,500 Crore and that of UIICL and OlCL to Rs.5,000 Crore respectively.

 

Impact

The capital infusion will enable the three PSGICs to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improved risk management.

Financial implications:

In the current financial year, the immediate financial implication would be Rs.3,475 crore as a result of capital infusion in three PSGICs namely OlCL, NICL and UIICL as the first tranche which will be followed by Rs. 6,475 Crore.

Way forward:

To ensure optimum utilization of the capital being provided, the Government has issued guidelines in the form of KPIs aimed at bringing business efficiency and profitable growth. In the meanwhile, given the current scenario, the process of merger has been ceased so far and/instead focus shall be on their solvency and profitable growth, post capital infusion.

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PM interacts with CEOs and Experts of Global Oil and Gas Sector
October 20, 2021
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Our goal is to make India Aatmanirbhar in the oil & gas sector: PM
PM invites CEOs to partner with India in exploration and development of the oil & gas sector in India
Industry leaders praise steps taken by the government towards improving energy access, energy affordability and energy security

Prime Minister Shri Narendra Modi interacted with the CEOs and Experts of the global oil and gas sector earlier today, via video conferencing.

Prime Minister discussed in detail the reforms undertaken in the oil and gas sector in the last seven years, including the ones in exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange, adding that such reforms will continue with the goal to make India ‘Aatmanirbhar in the oil & gas sector’.

Talking about the oil sector, he said that the focus has shifted from ‘revenue’ to ‘production’ maximization. He also spoke about the need to enhance  storage facilities for crude oil.  He further talked about the rapidly growing natural gas demand in the country. He talked about the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals.

Prime Minister recounted that since 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector. He said that India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation. He invited the CEOs and experts to partner with India in exploration and development of the oil and gas sector in India. 

The interaction was attended by industry leaders from across the world, including Dr. Igor Sechin, Chairman & CEO, Rosneft; Mr. Amin Nasser, President & CEO, Saudi Aramco; Mr. Bernard Looney, CEO, British Petroleum; Dr. Daniel Yergin, Vice Chairman, IHS Markit; Mr. Olivier Le Peuch, CEO, Schlumberger Limited; Mr. Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited; Mr Anil Agarwal, Chairman, Vedanta Limited, among others.

They praised several recent achievements of the government towards improving energy access, energy affordability and energy security. They appreciated the leadership of the Prime Minister towards the transition to cleaner energy in India, through visionary and ambitious goals. They said that India is adapting fast to newer forms of clean energy technology, and can play a significant role in shaping global energy supply chains. They talked about ensuring sustainable and equitable energy transition, and also gave their inputs and suggestions about further promotion of clean growth and sustainability.