Saturday, November 2, 2013

Four turnaround CPSEs awarded; which come next?

BRPSE chairman Dr Nitish Sengupta presenting the award to CMD, National Projects Construction Corporation Ltd in New Delhi
BRPSE (Board for Reconstruction of Public Sector Enterprises) Turnaround Award 2013 were presented on Friday to four Central Public Sector Enterprises (CPSEs). Dr Nitish Sengupta, chairman, BRPSE, gave away the award to Bharat Coking Coal Ltd (BCCL), National Film Development Corporation Ltd., National Project Construction Corporation Ltd, and SAIL Refractory Unit (Formerly Bharat Refractories Ltd). These erstwhile sick CPSEs have posted inspiring stories...
of transformation from loss making into profit making entities. These four CPSEs have posted profits for three consecutive financial years — 2010-11, 2011-12 and 2012-13. Their net worth has become positive after receiving financial aid from government following recommendations from BRPSE.
So far BRPSE has considered 68 cases and recommended revival of 58 CPSEs and closure of six CPSEs envisaging total assistance of Rs 39,200 crore. The government of India has approved revival of 44 CPSEs and closure of three CPSEs envisaging total assistance of Rs 28,354 crore. This has benefited around 2.16 lakh employees.
Some of such PSUs are Hindustan Salts Ltd, Bridge & Roof Co (India) Ltd, BBJ Construction Co Ltd, Tyre Corporation of India Ltd, British India Corporation Ltd, National Textiles Corporation Ltd & its subsidiaries, HMT Bearings Ltd, Praga Tools Ltd, NEPA Ltd, Central Inland Water Transport Corporation Ltd, Bharat Wagon & Engineering Co Ltd, Hindustan Antibiotics Ltd, Eastern Coalfields Ltd, Cement Corporation of India Ltd and Scooters India Ltd.
Besides this, concerned holding companies are implementing revival of three subsidiary companies on the recommendation of BRPSE .
Dr Nitish Sengupta said that more emphasis has been given to the empowerment rather than on mere cash infusion. He assured that BRPSE will recommend all necessary assistance to the sick CPSEs in their endeavour to turnaround. Sengupta hoped that more and more sick CPSEs will turn around and join the family of turnaround CPSEs in 2014.
BRPSE, set up in 2004, is an advisory body to the government on revival and restructuring of sick PSUs. 

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