Land resources belonging to ailing companies being pitched to pvt players for new initiatives.
The Cabinet Committee on Divestment will meet on Tuesday to discuss among other things relaxation of bidding norms for Shipping Corporation of India to woo foreign bidders while taking Air-India and Indian Airlines off the divestment list.
The government has approved a Rs 517 crore (Rs 5.17 billion) package to clear the pending salaries and statutory dues of 4,500 employees of 24 ailing PSUs, Heavy Industries Minister Santosh Mohan Deb said on Thursday.
The government has realised about Rs 3336 crore (Rs 33.36 billion) on account of divestment of public sector units as against a target of Rs 12,000 crore (Rs 120 billion) till this November, Lok Sabha was informed on Tuesday.
Loans to wilful defaults are said to be a little over Rs 1 lakh crore.
ONGC is the country's most profitable PSU.
The Department of Heavy Industry has been undertaking appraisals of each loss making CPSE to assess the prospects of revival.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
These companies had an accumulated loss of Rs 55,656 crore (Rs 556.56 billion) in 2012-13.
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