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Chapter-12

Revival and Restructuring of Sick/Loss Making CPSEs
Some of the Central Public Sector Enterprises (CPSEs) have been incurring losses continuously for the last several years. The accumulated loss in many of these cases has exceeded their net worth. Sickness in CPSEs has been the continuing concern of the Government. There has, nonetheless, been significant improvement in the overall condition of these enterprises over the years. In comparison to 105 loss making CPSEs in March, 2002, there were 59 loss making CPSEs in March, 2010 (Table-12.1).

Table 12.1 Loss making CPSEs (2002–03 to 2009-10) Year No. of Loss Aggregate Loss, making CPSEs, during the year during the year (` in crore) 105 10972 89 8522 73 9003 63 6845 61 8526 54 10303 55 14621 59 15842 No. of sick CPSEs* – – 81 75 83 78 73 No. of sick CPSEs** 111 100 90 81 74 46 46 45 Accumulated losses of sick CPSEs** 76721 73487 82352 83554 89064 72820 68577 63828

2002–03 2003–04 2004–05 2005–06 2006–07 2007–08 2008–09 2009-10

Note: *As per the definition of BRPSE ** As per the defination of BIFR.

12.1 Sickness in CPSEs
The reason for sickness varies from enterprise to enterprise. In some cases, the cause of sickness is historical; textile companies which were taken over from the private sector on social consideration for protecting employment of workers in early seventies could not be modernized quickly. British India Corporation, Bird Jute & Exports and NTC belong to this group. Besides these (textile) companies, there have been other enterprises that were taken over from the private sector but could not be modernized. These include engineering and refractory enterprises like Bharat Wagons & Engineering, Praga Tools, Burn Standard, Braithwaith & Co., Richardsan and Crudass Ltd., drug companies like Bengal Chemicals & Pharmaceuticals Ltd., transportation/shipping companies like Hooghly Dock & Port Engineering Ltd., Central Inland Water Transport Corporation and consumer goods companies like Tyre Corporation of India and Hooghly Printing Co. Ltd. The other group of sick companies (other than those taken over) is green-field companies. These companies became sick over the years on account of high manpower cost, technological obsolescence and
Revival and Restructuring of Sick/Loss Making CPSEs

competition from the private sector. These include fertilizer companies like Fertilizer Corporation of India, Hindustan Fertilizer Corporation, Pyrites, Phosphates and Chemicals Ltd., chemicals and drugs companies like Indian Drugs & Pharmaceuticals Ltd., Hindustan Insecticides Ltd., and Hindustan Antibiotics Ltd. Some of the loss making companies, such as, Nagaland Pulp & Paper Company Ltd., Jute Corporation of India and Cotton Corporation of India have had macro-economic objectives to serve like development of backward areas, providing remunerative prices to farmers, etc. In addition to the above reasons, the other problems common to most sick and loss making CPSEs have been lopsided debt-equity structure, weak marketing strategies and slow decision making process. Attempts have, therefore, been made to overcome “sickness” in these CPSEs through various policy initiatives. The Statement on Industrial Policy (1991), and other policy pronouncements by the Government have addressed this issue from time to time.

12.2 Strategies for revival/restructuring
Net loss in a company means excess of expenditure

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equal to ‘net loss’ and ‘provision for depreciation’. then it is usually considered a case fit for recommending for restructuring. extra ordinary items. conversion of loan into equity. etc. rehabilitation schemes ( in case of enterprises which are viable) or recommend winding up/closure (in respect of enterprises considered unviable). may either sanction suitable revival/ Table 12. Bharat Immunologicals and Biologicals Corporation Limited. Moreover. In order to shed excess manpower. however. providing loan (plan/nonplan) / grants and/or write-off of past losses as well as changing the debt equity ratio. Government guarantee. taxes. This does not include Indian Iron Steel Co. interest. Cases of four CPSEs have been declared as ‘non-maintainable’ by the Board as either the matter had become time barred for reference to the Board or on account of the net worth of the CPSE becoming positive or the CPSE was found not fulfilling the conditions of being industrial company as defined under SICA or on some other grounds. . Retrenchment of employees is adopted only as the last resort and in exceptional circumstances. Two CPSEs. may be referred to the Board for Industrial and Financial Reconstruction (BIFR). The revival packages granted by the Government has helped these enterprises in a big way in improving their conditions. . In case of CPSEs found unviable and where a decision has been taken to close the unit. one-time settlement with banks/financial institutions. 1985 (SICA) The Sick Industrial Companies (Special Provision) Act. the industrial CPSEs whose accumulated losses are equal to or have exceeded 150 . Some of the sick and loss making enterprises have turned around and recorded profit during the last two years. formation of joint ventures by induction of partners capable of providing technical. sacrifices by State Government. (ii) Business restructuring: Business restructuring involves change of management. Hindustan Salts Limited. hiving off viable units from CPSEs for formation of separate company. If. on case to case basis. financial and marketing inputs. there are only 45 CPSEs that are in operation. (iii) Manpower rationalization: Salaries and wages are often a major component of cost for anenterprise.3 Sick Industrial Companies (Special Provisions) Act. Limited and Bharat Refractories Limited as they have been merged with Steel Authority of India Limited . sale of fixed assets including excess land. revival or closure. Although a total number of 64 CPSEs have been referred to BIFR (uptill 2007). improving marketing strategy. closure of unviable units. Some of the strategies adopted for restructuring / revival of sick CPSEs are mentioned below: (i) Financial restructuring: Financial restructuring involves investment in CPSEs by the Government in the form of equity participation. of CPSEs 3 2 4* 2 1 1 0 0 0 64 * This includes the subsidiaries of NTC. During the period of the last eighteen years. 1985 (SICA) brought the CPSEs under its purview in 1991 (made effective from 1992). namely. Under the provisions of SICA. change in product mix. one of these companies.2 above. moratorium on payment of loan/ interest. their net worth. etc. conversion of interest including penal interest into loan. (which has been registered again in 2008 after merger) as well as other CPSEs. that has also merged. 64 CPSEs have been referred to the BIFR The year-wise registration of CPSEs with BIFR is given in Table 12. prior period adjustments but before providing appropriations to reserves) over operating income. Manipur State Drugs and Pharmaceuticals Limited PUBLIC ENTERPRISES SURVEY 2009-2010. Measures such as waiver of loan/interest/penal interest. the enterprise incurs‘cash loss’. Hindustan Insecticides Limited and Hindustan Organic Chemicals Limited have been dropped from the list of ‘sick industrial CPSEs’ by BIFR on their net worth becoming positive. 1992 to 2010. namely. In addition. of CPSEs 30* 2* 4* 1 2 3 3 3 3 2 Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total No. that is.1 12. in turn. CPSEs have often resorted to Voluntary Retirement Scheme (VRS) from time to time.2 Registration of CPSEs with BIFR Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 No. The BIFR. it is the Voluntary Separation Scheme (VSS) that is introduced.(including depreciation. Bharat Refractories and Vignyan Industries Limited and North Eastern Regional Agricultural Marketing Corporation Limited have since been declared ‘No Longer Sick’ by the Board. Vol. Maharashtra Elektrosmelt Limited.

In addition. if it is of the opinion that revival/restructuring is necessary for checking its incipient sickness (incurring loss for two consecutive years) and making the CPSE profitable. Winding up recommended and closed 7. Revival Scheme sanctioned 2. As per the definition of sick CPSEs given above and the performance evaluation of CPSEs for 200809 and previous years. The BIFR is yet to take any view on 14 cases of CPSEs. Declared no longer sick 4. three non-official Members and three official Members including Secretary. Department of Expenditure.4 Board for Reconstruction of Public Sector Enterprises (BRPSE) The Government established the Board for Reconstruction of Public Sector Enterprises (BRPSE) in December. Up to September. or recommending winding up (21 cases) or declaring ‘no longer sick’ (2 cases) or dropping due to net worth becoming positive (5 cases) or dismissing the cases as non-maintainable (4 cases) (Annex-12.06. Particulars 1. both industrial and non-industrial CPSEs. out of which. The BIFR has already disposed of 47 cases of CPSEs either through sanctioning revival schemes (13 cases). Out of these 62 cases. DPE provides necessary secretarial assistance to the Board. 2004 to advise the Government. In addition. For the purpose of making a reference to BRPSE. Deregistered with BIFR / Others Total Number 13 6 2 5 4 15 6 1 1 1 8 2 64 alia.2010) Sl. The Board is located in the Department of Public Enterprises (DPE). Winding up recommended 8. the Government has approved 40 revival proposals of CPSEs and winding up of 2(two) enterprises namely Bharat Opthalmic Glass Limited and Bharat Yantra Nigam Ltd. Other loss making CPSEs may be considered by the Board either suo moto or upon reference by the administrative Ministry. 1985 (SICA). a company is considered ‘sick’ if it has accumulated losses in any financial year equal to 50% or more of its average net worth during 4 years immediately preceding such financial year. as on has been closed.3 Status of CPSEs registered with BIFR (as on 30. DRS awaited 12. The concerned Administrative Ministries/ Departments are required to send proposals of their CPSEs identified as ‘sick’ for consideration of BRPSE. The status of the 64 sick industrial CPSEs registered with BIFR as on 30. Failed and re-opened 11. (HFCL) and to explore various options for their revival. inter Revival and Restructuring of Sick/Loss Making CPSEs 151 .3. Winding up notice issued 9. Secretary. the Board has made recommendations in respect of 62 cases. the Board has also recommended to the Government to accord “in principle” approval for rescinding of its earlier decision to close the units of Fertilizers Corporation of India (FCIL) and Hindustan Fertilizers Corporation Ltd.6. lack of adequate powers with BIFR. Dropped on net worth becoming positive 5.Table 12. Draft Scheme circulated under examination / under process 3. The process of sanctioning of revival / rehabilitation schemes has also been slow on account of involvement of multiple agencies. Standing Conference on Public Enterprises and Chairman. 12. There is a full-time Secretary for BRPSE in the rank of Additional Secretary to the Government of India. lack of proper monitoring of sanctioned revival schemes and delay in winding up of sick companies etc. Dismissed as nonmaintainable 6. No. such as. Chairman. 2010. lack of funds. Chairman. Sanctioned by AAIFR 10.2010 is given at Table 12.1). Secretaries to the Government of the Administrative Ministry/Department concerned with the CPSE taken up for consideration by the Board are Special Invitees. and/or is a company within the meaning of Sick Industrial Companies (Special Provisions) Act. The process of appointment of Official Liquidator (OL) for winding up of CPSEs by the BIFR has been slow. Department of Public Enterprises (DPE). Department of Disinvestment and Secretary. 73 CPSEs were referable to BRPSE. The Board comprises of Chairman in the rank of Minister of State. on measures to restructure/revive. Oil and Natural Gas Corporation Limited are permanent invitees to the meetings of BRPSE. delay in finalization of revival schemes. Public Enterprises Selection Board. The Board is expected to make its recommendations within 2 months of the date of receipt of the complete proposal from the Administrative Ministry/Department. cases of 67 sick CPSEs have been referred to BRPSE.

Ltd. ITI Ltd. Ltd.(BSCL) to SAIL under M/o Steel and the transfer of the administrative control of BSCL(excluding Refractory unit at Salem) and Braithwaite and Company Ltd.11..3). The Government has approved infusion of ` 800 crores by way of equity in National Aviation Corporation of India Ltd.. (HSCL). The BIFR. subject to confirmed availability of gas. 3 cases were approved in 2009-10 and 2 cases have been approved during Table 12. 1403 crores as cash and ` 24 crores as non-cash) from December.(HAL). `3000 crores towards revival of ITI Ltd on 20. .81 crore as non-cash assistance. 11 cases were approved during 2006-07.5 Revival through Merger.. and Fertilizer Corporation of India Ltd.furthermore.(w. The Government has also approved the proposal of converting Semi-Conductor Complex Ltd. Further. (ii) HMT Bearings Ltd. the Government has also given ‘in principle approval’ to explore various options for the revival of Hindustan Fertilizer Corporation Ltd. Transfer & Takeover The Government approved the transfer of Bharat Heavy Plates and Vessels Ltd.Closure of CPSE 2 Total 42 20010. In order to revive..(HOCL).9.4 No. and (xii) Bharat Refractories Ltd.2007. Similarly. 6 cases were approved during 2007. Government of West Bengal was approved on 8.2. into a Society under the Department of Space on 23.Revival through restructuring package 25 2. (x) Hindustan Steelworks Construction Ltd.2.2008 to enable it to sustain operations till 31.45 crore including ` 3289. (ix) Bihar Drugs & Organic Chemicals Ltd.2009 to September.43 crores as noncash).2010 reviewed the status of implementation of revival package sanctioned by the Government to 12 CPSEs namely (i) HMT Machine Tools Ltd.2008. to BHEL on 26.64 crore as cash assistance and ` 20322. of CPSEs 1.. (x) Bharat Heavy Plate and Vessels Ltd. (v) Hindustan Organic Chemicals Ltd. (vi) ITI Ltd.9.4.2. from D/o Heavy Industry to M/o Railways on 10.2.09. The approval of the Government in respect of the aforesaid 42 PSEs fall under the following broad categories.2006.. (iv) Hindustan Antibiotics Ltd.2008 at a total cost of ` 615. liabilities and manpower of National Instruments Ltd.54 crores (Rs. in view of the critical cash crunch being faced by the company. from M/o Shipping to M/o Defence on 24. (vii) Indian Drugs & Pharmaceuticals Ltd. PUBLIC ENTERPRISES SURVEY 2009-2010. (BWEL) from D/o Heavy Industries to M/o Railways on 7. and make suitable recommendations for consideration of the Government. inter alia.11.2009.08. (Annex-12.10 crores as noncash). The Government also approved the transfer of administrative control of Hindustan Shipyard Ltd.12.. (ix) Central Inland Water Transport Corporation Ltd. its administrative control was transferred to Ministry of Railways on13. 5 cases were approved during 2008. The Government have established an Empowered Committee of Secretaries (ECS) with the mandate to evaluate all options of revival of closed units of FCI and HFCL. (xi) Hoogly Dock & Port Category Engineers Ltd. (v) HMT Chinar Watches Ltd.2008. This package is additional to the revival package approved in March. The proposal for transfer of assets. on 18. 2010).. the Government approved the revival package for Nagaland Pulp & Paper Co.2008.8. The Board during the period from October.the Government have sanctioned a sum of ` 1427 crores (Rs. (viii) Eastern Coal Fields Ltd.3. (iii) Praga Tools Ltd.1.4.2010.. 310 crores as cash and ` 305.. with SAIL on 24. The Government have approved the second revival package for NTC for `6129.(FCIL) 12.f. on 4. the Government approved a one time interim grant of ` 200 crores to FACT as Non-plan funds on 7. (viii) IDPL (Tamil Nadu) Ltd.. gave its approval for the merger of Praga Tools Ltd.2.. 2006. (iii) HMT Ltd.30. 2004 till January. 2009.. (HDPEL) (xii) Hindustan Fertilizers Corporation Ltd.43 crores (Rs.6.2006 with a total assistance of ` 787.11 (upto September. furthermore. (iv) HMT Watches Ltd. (vi) Andrew Yule & Co.2008.2. The Government has also approved the second revival package for Heavy Engineering Corporation (HEC).2010 .(HCL) (ii) Elgin Mills Company Ltd.. (vii) Wagon & Engineering Company Ltd.Revival through merger/takeover / transfer 7 4.2010 envisaging a total expenditure of ` 23612. Further.(HFCL) and (xiii) Fertilizers Corporation of India Ltd.44 crores cash and ` 235. with HMT Machine Tools Ltd. (Kolkata) to Jadhavpur University. Vol. on 23. 15 were approved during 2005-06. the Government has also approved. and also the status of its recommendations in respect of 13 CPSEs namely (i) Hindustan Cables Ltd. (IDPL). The Government further approved the transfer of Refractory Unit (at Salem) of Burn Standard Company Ltd.75 crores by way of waiver of Government of India loans and interest thereon. In addition..Revival through joint venture / disinvestment 8 3.1 152 . Out of the 42 cases approved by the Government till September. Ltd. (xi) Instrumentation Ltd.. 2010. 552.2007).2007 and merger of Bharat Refractories Ltd.2.2009.e. The enterprisewise details of cash and non-cash assistance in respect of approved proposals are given in Annex-12. The Government also approved the transfer of Bharat Wagon & Engineering Co.

6.2001 / 23. 6. 528/1992 531/1992 Braithwaite & Co. 4. Corpn.. Mumbai (Maharashtra) 502/2003 501/2004 Hindustan Insecticides Ltd..3. (3) (4) Declared ‘No Longer Sick’ 512/1992 Vignyan Industries Ltd..2002 / 13..12.07. New Delhi (Delhi) 501/2005 Hindustan Organic Chemicals Limited.. (Uttar Pradesh) @ 521/1992 Projects and Development India Ltd. New Delhi (Delhi) @ Revival Scheme sanctioned 518/1992 The British India Corpn. Ltd. 1.2005 / 15.8.2002* 27.2010* 17.11.11.11.2002 22. 13.05.05. 9.. Kanpur.10. 1..8. 2. Raigad (Maharashtra) Dismissed as ‘Non-maintainable’ 502/1992 / Nagaland Pulp & Paper Co. 5. Dhanbad (Jharkhand) 523/1992 Tyre Corporation of India Ltd. Ltd.9.08. Ltd.10. Imphal (Manipur) $$ 502/2002 Central Coalfields Ltd. and year of reference (2) CPSE Date of Orders (1) I.1995 / 29.3.2003 * 20. 8.2008 V. 14.12..2008* 27.06. Kolkata (West Bengal) @ 504/2002 Scheme Sanctioned by AAIFR 502/1999 Hindustan Vegetable Oils Corpn. Guwahati (Assam) Dropped (Positive Networth) 502/1997/ Bharat Immunologicals & Biologicals Corporation 503/1998 Limited. Ltd. Marktg.2008 / 19.5. 3.03.1997 29. 11.11.2007 26.1997 / 10. Kolkata (West Bengal) Revival and Restructuring of Sick/Loss Making CPSEs 153 .8.2009 / 21.5.2009 / 03.. 7.. 15. Kolkata (West Bengal) @ National Instruments Ltd. 601/1998 (Nagaland) 504/1997 Manipur State Drugs & Pharmaceuticals Ltd. Ranchi (Jharkhand) 517/1992/ Biecco Lawrie Limited.5. Mokokchung.6.2007 * 21. 12.2005* 18.1995 / 25. 13.2006 * 1.2010 S. Kolkata (West Bengal) @ 27.2006 * 20.4.2002/ 29. Case No.2003 * IV.2007* 17.2004 / 19. Jaipur (Rajasthan) 501/2002 / Maharashtra Elektrosmelt Ltd.. Buland Sahar (Uttar Pradesh) 502/2000 Hindustan Salts Limited.2001* II. 17. 7.12. 17.3. Rasayani.Annex-12.1 Details on the CPSEs Registered with BIFR as on 30.2008 / 04.2.11.2008 III.12.. 10. No.2005 / 28.2008 16. Tarkere (Karnataka) 503/1997 North Eastern Regional Agri..

Kolkata (West Bengal) @ 504/1994 Southern Pesticides Corporation Limited.1. Durgapur (West Bengal) 513/1992 National Bicycle Corporation of India Ltd.2008 Winding up Recommended 507/1992 Triveni Structurals Ltd.2004 / 12. Kolkata (West Bengal) @ 527/1992 Cawnpore Textiles Ltd.6... 27.2001 19.. New Delhi (Delhi) 503/1995 Hindustan Photofilms Mfg.2001 20.12.2004 / 18... Bhubaneswar (Orissa) 515/1992 Fertilizers Corpn. Kota (Rajasthan) Hindustan Fluorocarbons Ltd.11.10.6..2007/ 30.9.7. 31.4.2001 20. Ltd. 38. Rohtash (Bihar) 5. 29.7.. Allahabad (Uttar Pradesh) 511/1992 Heavy Engineering Corpn.11.8.1. Kolkata (West Bengal) @ 526/1992 Bharat Brakes & Valves Ltd. Pune (Maharashtra) $$ Eastern Coalfields Limited.2003 4. 24.18.12.6.. 21.. Ranchi (Jharkhand) 514/1992 Orissa Drugs & Chemicals Ltd. 28.05. Vol. Hyderabad (Andhra Pradesh) 506/1994 Rayrolle Burn Ltd. Kolkata (West Bengal) @ 503/1999 Pyrites.2007* 2.2000 29.6.05. 33.7.2008* 5.2008 01.2003 6.1 .06. 45.. Co.2. 34.2002 19.2003 1.1997 27.2009* 20.2006 / 01.1993 22.7.7. 46. 20.. Kolkata (West Bengal) @ HMT Machine Tools Limited.2003 25. Kanpur (Uttar Pradesh) 508/1992 Cycle Corporation of India Limited. 19.. 35.2004 30. 39. Ltd. 43.3.06.. Burdwan (West Bengal) @ Bharat Coking Coal Ltd.6.6.12. 12.2009* 24.2003* 05.4.. 25. .12.2005 / 21. Hyderabad (Andhra Pradesh) @ Cement Corporation of India Ltd.2001 13. 44. 42. Bangalore (Karnataka) 23.10.2. Kolkata (West Bengal) @ 524/1992 Weighbird India Limited. Ltd.2004* 8.2007* 11.7.2000 / 16. 37.12. 22. 509/1993 507/1994 501/1996 501/1997 501/1998 / 501/2000 504/1995 / 502/2001 504/1995 / 502/2001 501/2006 Instrumentation Ltd.1995 3. . 30.. 26.10. 23..1996 17.11.1998 / 24.2. Kolar Gold Fields (Karnataka) 506/1992 Tannery and Footwear Corporation of India Ltd. VI. 41. of India Ltd..2007 / 14. New Delhi (Delhi) Hindustan Antibiotics Limited. 40.6.. Dhanbad (Jharkhand) Andrew Yule and Company Ltd. Nagpur (Maharashtra) $$ CPSEs recommended for winding up and have been ‘closed’ $$ 505/1992 Bharat Gold Mines Ltd. Mumbai (Maharashtra) @ 520/1992 Bharat Process and Mechanical Engineers Ltd.2006 / 17.1995 10.2002 154 PUBLIC ENTERPRISES SURVEY 2009-2010. Phosphates & Chemicals Ltd.06. Durgapur (West Bengal) 538/1992 Bengal Immunity Limited. Ootacamund (Tamilnadu) 502/1996 Maharashtra Antibiotics & Pharma.11.. Kolkata (West Bengal) @ 532/1992 Bharat Ophthalmic Glass Ltd..2000 14.2003* 2. 36.2009 / 28.2006 / 12. Kanpur (Uttar Pradesh) @ 529/1992 Smith Stanistreet & Pharmaceuticals Ltd. Kolkata (West Bengal) @ 510/1992 Mining and Allied Machinery Corporation Ltd..1998/ 2.10.2008 / 17.2010 32.2. .

New Delhi (Delhi) 502/1998 60.09. (BRL) with SAIL and Praga Tools Ltd. Co.2009 / 30.12.12. Mumbai (Maharashtra) @ 516/1992 Hindustan Fertilizer Corpn. Limited merged and Bharat Refractories Ltd.2009 / 19. IX.2006 / (Karnataka) 09.2009 1.2007 / 04.2.2008 / 26..04. Government. 47. 63.11.8.VII.2009 @ Taken over PSEs (24). All 9 subsidiaries of NTC (Holding) Ltd. Chennai (Tamilnadu) 02.2008 11.2007 / 05.P..08.2008 8. Jessop & Co. 57.2009 Tungabhadra Steel Products Limited.2008 / 25.07.09.2000 / 17.3.2007 28.2009 6. 62. Kolkata (West Bengal) @ 501/1999 501/2001 503/2004 Birds Jute and Exports Ltd.3.2010 ITI Limited..2008 / 27. Revival and Restructuring of Sick/Loss Making CPSEs 155 .1995 / 03.06.09. Allahabad (Uttar Pradesh) 519/1992 The Elgin Mills Co..2008 / 12.2007 / 30.2004 / 07.9.2009 HMT Bearings Limited.2009 / 11. Failed & Reopened 533/1992 Bengal Chemicals & Pharmaceuticals Ltd. Visakhapatnam (Andhra Pradesh) 21..3. privatized. 61.7. 55. 58. * Profit (after adjustments) during 2009-10 (22).5.11.10.7. $$ since closed (7). Kolkata (West Bengal) Others / Abated / Deregistered from BIFR 501/1992 Bharat Pumps & Compressors Ltd.08.03.03. Ltd.2007 / 15.4. Ltd.9.2010 24.2008 / 24.2009* XI. These CPSEs have not been included in the list of BIFR referred CPSEs. Kanpur (Uttar Pradesh) @ $$ Declared Sick / / Under Examination / Process / 503/1992 Indian Drugs and Pharmaceuticals Limited.2009* 16. Nepanagar (Madhya Pradesh) 29.12.2006 / 23.05. Gurgaon (Haryana) 506/1993 National Jute Manufactures Corporation Ltd.2.6.2009 / 21.03.2009 Madras Fertilizer Ltd.2008 / 26. VII.08. Patna (Bihar) @ Bharat Heavy Plates and Vessels Limited. Kolkata (West Bengal) 588/1994 Burn Standard Co. 59.2003/ 25.2008 / 23.11. Winding up Notice Issued 503/505/2002 Hindustan Cables Ltd.. Ltd.11. Kolkata (West Bengal) @ 31.2. Limited .9. 50. Bangalore (Karnataka) 3.10.03.11.2009 / 16. merged with NTC (Holding) .6.2004 / 24.10.2004 / 25.2009 / 12. Ltd. Lucknow (Uttar Pradesh) 509/1992 Richardson & Crudass (1972) Ltd. 52. 53.2005 / 27. 56.2009 24.2006 / 29. merged with HMT Ltd. Indian Iron and Steel Co. % No More a CPSE(12) Note : Since Mandya National Paper Mills Limited wound up. 51. Hyderabad (Andhra Pradesh) 13..2.02. Draft Revival Scheme (DRS) Awaited 504/1992 Scooters India Ltd.P..10.11.04..2009 / 24.03. 54. 48.06. 64. 49. 504/2004 505/2004 502/2005 501/2007 1.2009 NEPA Ltd.02. Kolkata (West Bengal) @ Bharat Wagon & Engg.2008 6. Drugs and Pharmaceuticals Limited transferred to the U.2009 X.2009 / 10..2007* 13. Tungabhadra Dam 4.2005 / 29.2009 / 15.2005 / 11.05. U.02..2008 / 05.

21.30 1452. 7. (India) Ltd.21 47. Ltd. 14.28 73. 25.00 42. Bharat Yantra Nigam Ltd.94 7. 30. Name of the CPSE Hindustan Salts Ltd. Andrew Yule & Co.57 NA 670.2010 S.59 250.80 --* 3. 12.51 219.16 1018.36 128.79~ 857. Central Electronics Ltd.36 -1116.60 1218.08 457. BBJ Construction Co.72$$$ 128. 28.64 16. Tungabhadra Steel Products Ltd.23 102.14 612. NEPA Ltd. HMT Machine Tools Ltd. Tyre Corporation of India Ltd. 5.61 7. 23. 1. 11.08 457.60 880.73~ 3222. Cement Corporation of India Ltd.19 723.00 93. 2. 22. 20. 4. 19.00 102.29 104. 6.00 670.43*** 597.61 51. 38.30 1267.00 9. British India Corporation Ltd.97 5.29 104. 32.& -3. Eastern Coal Fields Ltd.55 --124.35 73.95 267. Bharat Pumps and Compressors Ltd. 9.63 479. 37.60 280.14 612.21 ---52.52~ 4079.41 157.00 280.46 219. Richardson & Cruddas Ltd.43*** 549. 8.71 284. 24. 3. 13.00** -. Mineral Exploration Corporation Ltd.45 -258.37 9. State Forms Corporation of India Ltd. Hindustan Organic Chemicals Ltd. 34. 10.45&& --@@ 311. National Projects Construction Corporation Ltd.23 60.80 23. ## Hindustan Insecticides Ltd.80 267.## Bharat Heavy Plate Vessels Ltd.35 353.37 214. Hindustan Copper Ltd.64 16. Heavy Engineering Corporation Ltd.37 -267.30 39. 35.37 --$$ 145. No. 26.37$ 207. NTC including its subsidiaries Bridge & Roof Co. Bharat Refractories Ltd.58 39. Assistance (` In Crores) Cash # Non-Cash @ 4.28 ---* 156.16 250.16 1018.42 479.40 43. Central Inland Water Transport Corporation Ltd. . 29.00 Total 77. 27. 33.82 -21.00 184.9.00 156 PUBLIC ENTERPRISES SURVEY 2009-2010. Bharat Ophthalmic Glass Ltd. MECON Ltd.1 . HMT Bearings Ltd. 36. Bharat Wagon &Engineering Company Ltd. Vol. Hindustan Prefab Ltd.15 233. Instrumentation Ltd.21 47.94 11. Fertilizers & Chemicals (Travancore) Ltd.92 54. Hindustan Antibiotics Ltd.29 137.00 209. Konkan Railway Corporation Ltd.Annex-12.52$ 440.24 405. 31. 17. 18.71 4.80 116. Ltd.28 --* 153. 16. Praga Tools Ltd. Bengal Chemicals & Pharmaceuticals Ltd. 15.05 -48.2 Cash and Non-cash Assistance approved by the Government in respect of BRPSE recommended proposals upto 30. Braithwaite & Company Ltd.92 54.

06 1139. conversion of loan into equity/ debentures etc.75 800. Jute Corporation of India Fertilizers & Chemicals Travancore Ltd. Nagaland Pulp & Paper Co. 1 2 3 4* 5* 6 7 8* 9 Name of the CPSE National Instruments Semi-Conductor Complex Ltd.00 6129. Burn Standard Company Ltd. Hindustan Shipyard Ltd.31 * These CPSEs are included in the list of CPSEs approved by Government on the recommendations of BRPSE.40 23612. Total Assistance (` In Crores) Cash # Non-Cash @ ----36. 40.44 235. *** In addition Govt.40 20322.39. Total -338. had also approved the conversion of cumulative interest due & accrued on GOI loan as on the date of conversion into equity capital and further written down to 10% of value. Disinvestment after cleaning the balance sheet.43 787. 42.00 3289.32 31.16 28.21 1153. Heavy Engineering Corporation Ltd.15 14.54 4427.45* # Cash Assistance may involve budgetary support through equity/loan/grants @ Non-cash Assistance may involve waiver of interest.00 12996.50 crores per annum on VRS loans $$ Cabinet approved “in principle” the takeover of BHPV by BHEL with the direction that the valuation of BHPV be carried out prudently on the basis of established principles and if the takeover is not found feasible. penal interest.03 6694. @@ Proposal to revive NEPA Ltd through JV route in the private sector and a Bill seeking Parliamentary approval for induction of such JV has been introduced in Parliament. the matter be brought back before the Cabinet. National Textiles Corporation National Aviation Co. Ltd ITI Ltd.16&&& 3. 41.10 4403. Annex-12. * The revival plan approved by the Government inter alia envisaged non-cash assistance of `2470.28 Total --36. Guarantee fee.81* --### 7153.00 -6302.00 615.00 24. GOI loan. Revival and Restructuring of Sick/Loss Making CPSEs 157 .75 800.00 -6129. $$$ Interest free mobilization advance of `30 crores from BHEL for technological up-gradation and diversification which would be repaid through supplies to be made to BHEL against their orders. && Parliament had approved the Tyre Corporation of India Ltd. National Jute Manufactures Corporation Ltd.43 552. Interest free advance of `25 crores from BHEL to ILK at the beginning of each year for the next three years from 2008-09 which will be adjusted against supplies to BHEL in the same year. No.59 200.00 305.3 Additional assistance approved by the Government for revival/restructuring of CPSEs independent of the recommendation of BRPSE S. ## Government have approved closure/winding up of these CPSEs & The issue of infusion of funds by GOI or by Joint Venture or a Strategic Partner will be sorted out by M/o Finance and the M/o Heavy Industries. of India Ltd. (Disinvestment of Ownership) Bill 2007 for changing the public sector Enterprises Character of the company.77crores and waiver of service charges of `14 crores per annum from 2004-05 from Coal India Ltd. $ In addition ONGC and BHEL would extend cash support to the extent of `150 crores and `20 crores respectively. ** Excludes continuation of 50% interest subsidy not exceeding `6.59 200.00 – 310. National Film Development Corporation Ltd.64* -6815.