Centre to shutdown 33 PSEs as part of its divestment plans

At present, a total 17 CPSEs are under the process of closure including Hindustan Fluorocarbons Limited in Telangana, as reported by Department of Public Enterprises

Hyderabad: The Central government on Monday shared a list of 33 Central Public Sector Enterprises (CPSEs) being closed as part of its divestment plans. Transactions have been completed in 10 cases including Rashtriya Ispat Nigam Limited (Vizag Steel Plant) in Andhra Pradesh, while five PSEs are under consideration for closure.

At present, a total 17 CPSEs are under the process of closure including Hindustan Fluorocarbons Limited in Telangana, as reported by Department of Public Enterprises.

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Replying to a question raised by TMC MPs Sisir Kumar Adhikari and Dibyendu Adhikari in the Lok Sabha, union Minister of State for Finance Bhagwat Kishanrao Karad informed that in 2016, the Central government gave in-principle approval for disinvestment of 36 PSEs, subsidaries or units, and joint ventures of PSEs and public sector banks.

Of these, 33 cases are being handled by DIPAM and 3 cases are being handled by the Department of Investment and Public Asset Management (DIPAM) where divestment has been completed in 10 case and five PSEs are under consideration for closure. While one PSE case is held up due to litigation, another one is under Corporate Insolvency Resolution Process (CIRP) in NCLT (National Company Law Tribunal) and 2 others are under review for feasibility. The remaining 14 disinvestment transactions are at various stages of execution.