32 CPSEs likely to earn Rs 5,551 cr profit in 2010-11

NEW DELHI: The government today said the 32 operating central public sector enterprises are likely to earn an aggregate annual profit of Rs 5,551 crore during 2010-11.

The 32 operating public sector enterprises (PSEs), under the Department of Heavy Industries, have achieved an aggregate turnover of over Rs 45,219 crore in the 2010-11 showing a growth of 13.02 per cent.

"They are likely to earn an aggregate annual profit of Rs 5,551 crore during 2010-11," the government in its annual 'Report to the People' said.

It further said that out of the 16 sick or loss-making PSEs, whose restructuring was approved with a total financial assistance of Rs 8,293.48 crore, eight have started earning profits.

In order to revive the sick companies, the government has taken various steps which include setting up of the Board for Reconstruction of Public Sector Enterprises ( BRPSE).

The government has approved Rs 23,591 crore for revival of 40 sick central public sector enterprises (CPSEs) on recommendations of the BRPSE.

Four central public sector enterprises --Indian Oil Corp, National Thermal Power Corporation, Oil & Natural Gas Corporation and Steel Authority of India Ltd were conferred Maharatna status.

Oil India and Rashtriya Ispat Nigam Ltd were awarded Navratna status. Miniratna status has been granted to two PSEs --Bridge & Roof Ltd and Bharat Pumps & Compressors Ltd for good performance over last three years.