Two Sick CPSEs Turned Around
Andrew Yule & Co. Ltd. and Hindustan Prefab Ltd. Make Profits for Three Consecutive Years
Board for Reconstruction of Public Sector Enterprises (BRPSE), under Department of Public Enterprises, has today held its 2nd Turnaround Award ceremony(BRPSE Turnaround Award 2011) to felicitate two turnaround sick CPSEs namely (i) Andrew Yule &Co. Ltd., and (ii) Hindustan Prefab Ltd. These erstwhile sick/loss making CPSEs have made profits consecutively for 3 or more years after receiving financial assistance from Government on the recommendation of BRPSE. The Awards were given away by the Chairman, Dr. Nitish Sengupta.
Hindustan Prefab Ltd. with an accumulated loss of Rs. 138.2 crore as of 31st March, 2006 has posted profit continuously for the last three years and as of 31st March, 2011 has a positive net worth of Rs. 10.14 crores. Andrew Yule & Co. which incurred a loss of Rs. 89.57 crore in 2006-07, has posted a profit continuously for the last four years and as of 31st March, 2011 has a positive net worth of Rs. 96.52 crores.
Till date BRPSE has considered 67 cases and recommended revival of 59 CPSEs and closure of 3 CPSEs envisaging total assistance of Rs. 35448 crores. GOI has approved revival of 43 CPSEs and closure of 2 CPSEs envisaging total assistance of Rs. 25,105 crore, benefitting 1.71 lakh employees.
Chairman, BRPSE stated that emphasis has been more on empowerment and enablement rather than on mere cash infusion. He also assured that BRPSE will recommend all necessary assistance to the sick CPSEs in their endeavour to turnaround. He hoped that more and more sick CPSEs will turnaround and join the family of turnaround CPSEs in the forthcoming years.
Shri Chewang Phunsog, Chairman, PESB, Shri D.R.S. Chaudhary, Secretary, Department of Public Enterprises and Shri Arup Roy Choudhury, Chairman, SCOPE & CMD, NTPC were also present on the occasion.
MC/ls