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Sick PSUs Told To Size Up Land Bank, Govt Weighs Selloff-&-Merger Plans For 59 CosBy ugesh sarkar, Section Gurgaon Real Estate Property  The government has asked all sick public sector enterprises (PSEs) to prepare an inventory of the real estate in their possession, as it explores disinvestment possibilities in even the loss-making state-owned companies.A government-constituted panel for deciding the pay revision of state-owned enterprises had proposed that government should withdraw from all public sector enterprises where profits have fallen below Rs 50 crore. "The report had suggested that either these firms should be privatised by bringing in a strategic partner or be merged with a profit-making PSU," said a DPE official, who did not wish to be named. The department of public enterprises (DPE) estimates that there are around 59 PSEs which fall under the sick category. The list of these sick companies includes HMT Bearings, Scooters India, Andrew Yule, Hindustan Photofilms, Indian Drugs & Pharmaceuticals and Hotel Corporation of India. "This will help in getting a compiled data on the title deeds or encumbrances of land buildings owned by PSEs. It has been observed that some of these PSEs did not even maintain fixed asset register properly," said an official from ministry of heavy industries, who wished to remain anonymous. There are 33 loss making companies under ministry of heavy industry itself. Companies such as Huawei, Alcatel Lucent have expressed interest to bid for the three units of Indian Telephones Industry ( ITI). Source: Economic Times By Dheeraj Tiwari Sick PSUs Told To Size Up Land Bank, Govt Weighs Selloff-&-Merger Plans For 59 Cos
The PSEs will also need to get these properties valued at the prevailing market rate by an asset valuer. "The process will take time, since some of these properties are not free from the encumbrances and title deeds are not clear," said the DPE official. The Board for Reconstruction of Public Sector Enterprises (BRPSE) had earlier suggested that the government should lease out the sick PSUs under the lease, rehabilitate and operate (LRO) model.
BRPSE had identified PSUs such as ITI Bangalore, Hindustan Machine Tools (HMT), Hindustan Photofilms, National Textile Corporation and Fertilisers and Chemicals Travancore (FACT) in Cochin, where there was surplus land available for disposal.
The government is looking to big bang divestment in PSEs to raise resources to meet the high expenditure on social schemes while simultaneously also keeping the fiscal deficit under control. The fiscal deficit for the current year is pegged at 6.8% of GDP, a 16-year high.
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