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may 23, 1994 PSUs recast plan runs aground
The Centre’s plan to restructure engineering and other public sector undertakings (PSUs) with financial assistance from multilateral agencies such as the World Bank has come a cropper. According to official sources, World Bank representatives have told the Department of Economic Affairs (DEA) in no uncertain terms that funds for restructuring the PSUs would not be forthcoming until the Centre complied with certain conditions, the major one being a final decision on the sick PSUs referred to the Board for Industrial and Financial Reconstruction (BIFR) for rehabilitation or closure. The World Bank, according to the sources, wants the chronically sick PSUs closed so that they cease to be a drag on the Central exchequer.
US insurance giant to enter India
Even as the Centre dithers in the implementation of the Malhotra Committee report to restructure the insurance sector, American International Group Inc. has decided to enter India. According to insurance industry sources, the US-based insurance giant plans to start off with an investment of $100 millions for offering various financial services and setting up an asset management company to raise India funds.
CIL to develop mines with pvt. Cos
A new era in the domestic coal mining industry is set to begin with Coal India Ltd (CIL) agreeing to develop coal mines’ jointly with established private companies. The CIL board has, in principle, approved two joint venture proposals — one with Indo-Gulf Fertilisers and the other with CESC Ltd — while a few more are in the pipeline; the proposals are awaiting the Coal Ministry’s and approval.
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