Govt to form joint venture of Maharatnas to revive sick PSU

Heavy Industries and Public Enterprises Minister Anant Geete today said, a Joint Venture of Maharatnas will be formed to help revive sick Public Sector Undertakings. 

Addressing a Press conference in New Delhi this evening, Mr Geete said, out of 11 sick PSUs, process for reviving five has started. On terminally ill PSUs, Anant Geete said, it would be better to make one-time settlement and eliminate even higher recurring expenditure. 

He said, his Ministry wants to streamline multiple mechanisms for revival of sick Central Public Sector Enterprises and have identified the action points in this regard.

The Minister also said, there is need to review the functioning of the Board for Reconstruction of Public Sector Enterprises (BRPSE). 

He said, the his ministry has also finalized the proposal for setting up electric vehicle scheme. Electric vehicle scheme envisages potential demand for six to seven million hybrid and electric vehicles across all segments by 2020. 

He also stressed upon to set up a testing and certification Centre for construction equipment and earthmoving machinery. 

Mr. Anant has also proposed to establish Ultra Mega Green Solar Power Park with an ultimate capacity of 4000 MW in Rajasthan. 

Geete said, government has sanctioned a pilot scheme for enabling industries in capital goods sector to be in line with global competition. 

He said that five Centres of Excellence for technology development will be set up at Indian Institute of Technology Delhi, Mumbai, Chennai and Kharagpur and Central Manufacturing Technology Institute CMTI, Bangalore.