27 loss-making PSUs to make net profits this year

NEW DELHI: The fiscal year 2005-06 could literally be a turning point in the history of Indian public sector companies, with 27 loss-making state-owned companies expected to make profits this year.

"As many as 27 under performing companies have promised to make net profits in 2005-06," Board for Reconstruction of Public Enterprises Chairman Prahlad Kumar Basu said.

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Some of the biggest surprises in the list of companies that are set to make a turnaround include Bharat Pumps and Compressors, Bharat Coking Coal, Eastern Coalfields, Heavy Engineering Corporation and Mecon.

Others in the list include HMT Ltd, Praga Tools, Bharat Bahri Udyog Limited, Bridge and Roof, BBJ Construction, Braithwaite and Company, Bharat Wagon, Tyre Corporation, FACT, Hindustan Shipyard, Hindustan Antibiotics, Hindustan Organic Chemicals and Hindustan Insecticides.

Apart from these Mineral Exploration Corporation, National Project Construction Corporation, Engineering Projects, National Building Construction Corporation and Central Electronics Limited.

If the management of these companies deliver on their promises, the number of loss-making public sector companies, which stood at 88 as per the Public Enterprises Survey, will come down.

The turnaround of these companies has been made possible after BRPSE examined them and suggested measures for improving their performance.