Heavy Industry Psus To Cut Losses By 40%

The cumulative losses of all the 48 public sector units (psu) under the heavy industries department are estimated to be down by over 40 per cent in 1996-97 and by a similar figure in 1997-98 to reach a seven-year low.

While the cumulative losses stood at Rs 738.73 crore in 1995-96, those for the last fiscal were anticipated to be down by 42 per cent to Rs 427.9 crore, official sources said. Cumulative losses are expected to decline further by 43.91 per cent and hit a seven -ear low of rs 240.01 crore during the current financial year. Five psus are expected to turnaround in 1996-97 reducing the number of loss-making units to 28 from 1995-96s figure of 33, the sources said, adding that the number would come down further to 22 in current financial year.

 

Total turnover was expected to increase by 12.6 per cent in 1996-97 and touch rs 10,783 crore from last fiscals gross of rs 9,574.91 crore.

The target turnover for 1997-98 was pegged at an all-time high of rs 12,304.04 crore, representing a 14.1 per centincrease over the previous years figure.