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Journalism of Courage
Keen to bolster the wherewithal of its smaller behemoths to withstand the ongoing economic downturn,the Steel Ministry is increasingly banking on its bigger units to shoulder the responsibility. It has already asked NMDC to acquire 51 per cent stake in the ailing KIOCL and has constituted a four-member committee to suggest ways for similar moves in other PSUs.
Similarly,the committee would also delve into the fate of other smaller companies like FSNL,MSTC and Hindustan Steelworks Construction Limited (HSCL). Now HSCL is a classic case of being a prodigal PSU with no big company willing to own it up. SAIL is unwilling to acquire it,arguing there is no synergy between the two. Incidentally,the Board for Reconstruction of Public Sector Enterprises is said to have already approved the ministrys plea to write off plan and non-plan loans worth Rs 1,000 crore with accrued interest as part of the PSUs capital restructuring exercise.
