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Land sale for PSU revival

The government is again out to “downsize” sick public sector units (PSUs), only this time, quite literally.

By Aman Malik | Print Edition: October 7, 2007

The government is again out to “downsize” sick public sector units (PSUs), only this time, quite literally.

The Department of Disinvestment now plans to sell prime land, owned by sick PSUs like Andrew Yule & Co, Bengal Chemicals & Pharmaceuticals (BCPL), Richardson & Cruddas (RCL), National Textile Corporation (NTC) and Hindustan Antibiotics and use the proceeds to revive them.

P. Chidambaram
P. Chidambaram
 

Of the 28 such PSUs up for revival, 15 reportedly own land that can fetch the government more than the Rs 8,200 crore earmarked for the total revival package.

This comes in the wake of other measures like the merger of British India Corporation with NTC and kick-starting the flow of funds into the as-yet dormant National Interment Fund (NIF) from the upcoming IPO of Power Grid Corporation of India, (PGCIL). Surely, self-help is the best policy.

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