State oil firms have spent 90 per cent of this fiscal’s capital expenditure in the first nine months, with ONGC Videsh, Oil India and Indian Oil Corporation having exceeded their annual targets already. The government has nudged state firms to invest big and quick to boost jobs and economic growth in the country as private investment has languished. Relentless pressure from the government to pay higher dividend or to return unused cash to shareholders has also accelerated state firms investment in projects, industry executives said.
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