SME Times News Bureau | 03 Jul, 2009
The government has approved a proposal to revive or restructure 15 loss-making public sector enterprises (PSEs), Heavy Industries and Public Enterprises Minister Vilasrao Deshmukh said here Thursday.

"Based on recommendations of the Board for Reconstruction of Public Sector Enterprises (BRPSE), the government has approved implementation of revival or restructuring packages in case of 15 PSEs," Deshmukh told the Lok Sabha in a written reply.

A decision on revival of the now defunct Mining and Allied Machinery Corp (MAMC) will also be taken soon, Deshmukh said.

A consortium of Coal India Ltd (CIL), Damodar Valley Corp (DVC) and Bharat Earth Movers Ltd (BEML) has proposed to take over the assets of MAMC.

The assets of MAMC, which was officially winded up in May 2002, were to be auctioned in October 2007. The proceedings were halted after CIL and DVC moved an application in the Calcutta High Court seeking permission for take over of the company.

BEML later joined CIL and DVC as the lead partner in the consortium.