Kerala wants enhanced partnership with central public firms
Wednesday, 04 February 2009, 15:12 IST
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New Delhi: Kerala is eager to enhance business ties with central public sector undertakings (PSU) to "modernise and strengthen" the state's public sector, Industries and Commerce Minister Elamaram Kareem said here Tuesday. Speaking after Kerala Electrical & Allied Engineering Co. Ltd (KEL) signed a memorandum of understanding (MoU) with the state-owned Bharat Heavy Electricals Ltd (BHEL), Kareem said the state government's slogan was to "modernise and strengthen" its PSUs. "Now our slogan is to modernise and strengthen the PSUs. For the purpose of development and modernisation of the state PSUs, business tie-ups are being developed with central PSUs," he said. According to the agreement, KEL will manufacture products for railways and other industries. The deal was signed by BHEL chairman and managing director K. Ravi Kumar and KEL managing director P. Jyothikumar. The minister added that joint ventures between the state level and central public firms were also being formed "for technology upgradation, financial assistance and strengthening of management". Transformers and Electricals Kerala Ltd (TELK), a state-owned transformer manufacturing company, has already entered into a joint venture deal with National Thermal Power Corp (NTPC), Kareem said. Kerala's Steel Complex Ltd will also set up a joint venture with SAIL India Ltd. "In the first phase of the venture, SAIL will invest to start a steel rolling mill of 60,000 tonnes per annum," he said. Kareem said Steel Complex, a PSU that was suffering losses for years, "is now making headway for major development". Moreover, Kerala-based automotive components maker Autokast has signed a partnership agreement with Indian Railways to set up a rail bogie manufacturing unit. "It will be the first manufacturing unit of the Indian Railways in Kerala," Kareem said.
Source: IANS
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