Government calls meet to explore ways to use PSUs' surplus cash

NEW DELHI: The government has called a review meeting to discuss "optimal utilisation" of surplus cash worth around Rs 2.7 lakh crore belonging to central public sector enterprises for productive purposes, including the revival of sick PSUs.

The meeting on May 19 will be chaired by Secretary in the Department of Public Enterprises Seema Bahuguna, who will be briefed by the representatives from several ministries, including power, steel, shipping, oil, civil aviation, coal, railways, the Department of Economic Affairs, the Department of Financial Services, among others.

"The meeting has been called with the objective of chalking out a blueprint for optimal utilisation of the huge excess cash of PSUs and putting it to productive use. We will explore options like using it for revival of sick enterprises," a senior government official told PTI.

"In case the state-owned firms are unable to utilise the surplus funds, we may ask them to buy back shares using free reserves," the official added.

The chief executives of cash-rich firms like BHEL, ONGC, BPCL, GAIL, Power Grid, NHPC, REC, India Infra Finance Company, NMDC, MOIL, Shipping Corporation of India, Cochin Shipyard, Security Printing and Minting Corporation, Airports Authority of India, Antrix Corporation, Nuclear Power Corporation of India, among others, will also participate in the meeting.