The government on Thursday said it has approved to sell its entire stake in three sick PSUs Scooters India, Tyre Corporation of India and Central Inland Water Transport Corporation to strategic investors.
“The government has approved sale of entire shareholding to a strategic partner in Central Inland Water Transport Corporation, Scooters India Ltd and Tyre Corporation of India,” Minister of Heavy Industries and Public Enterprises Praful Patel told the Lok Sabha in a written reply.
The government owns 100 per cent equity in Central Inland Water Transport Corporation which is engaged in the transportation by inland waterways.
West Bengal-based Tyre Corporation, engaged in manufacturing and marketing of automotive tyres, is also wholly-owned by the government.
In Scooters India, the government holds 95.38 per cent stake.
Further, Patel said strategic sale in loss-making Central Public Sector Enterprises (CPSEs) is taken up on a case-to-case basis, when efforts for their revival fail.
The Board for Reconstruction of Public Sector Enterprises (BRPSE) advises the government on the revival and restructuring of sick state-owned companies.
The concerned ministries/departments prepare proposals for revival of loss-making companies and refer them to BRPSE for recommendations.
During 2009-10, 59 sick PSUs registered losses worth Rs 15,842 crore, Mr. Patel said.
