Find Partners For Psus Soon, Badal Tells Consultants

Union minister of state for industry Sukhbir Singh Badal has sought time-barred results from consultants appointed to locate joint venture partners for PSUs under the department of heavy industry.

Reviewing the work done, Badal told SBI Caps, ICICI, ISec, IDBI and Coopers & Lybrand to put greater effort into finding joint venture partners.

The department of heavy industry had recently shortlisted 23 of 48 PSUs under its purview for forming joint ventures.

The review, completed yesterday, covered PSUs where action has been initiated on forming joint ventures. These included Andrew Yule, Bharat Leather Corporation, Bharat Pumps and Compressors, Cement Corporation of India, Hindustan Cables, HMT's bearing and tractor divisions, Hindustan Photo Films, Hindustan Salts, Mandya National Paper Mills, Sambhar Salts and Tungabhadra Steel Products.

In their presentations, consultants gave details of work done so far, the methodology being adopted and action plans for the future. They said there was strong possibility of finding partners who could bring in technology, modern management, marketing strengths and could infuse funds.

Badal has instructed officials to monitor the process closely. He also assured the consultants of all possible assistance.