Modi to tap US$19b hoard in India's state companies

New Delhi

INDIA is ratcheting up the pressure on state-controlled companies to spend their hoards of cash.

Businesses such as Coal India Ltd have been told to step up outlays on major investments to boost the economy, two government officials with knowledge of the matter said, asking not to be identified as the push isn't public. The pace of such capital expenditure will be reviewed more frequently, they added.

Five state companies alone - Coal India, Oil & Natural Gas Corp, NTPC Ltd, NMDC Ltd and Bharat Heavy Electricals Ltd - are …