State-run TSL making losses for 20 years

August 23rd, 2011 - 8:12 pm ICT by IANS  

New Delhi, Aug 23 (IANS) Heavy equipment-maker Triveni Structurals Ltd (TSL) has been consistently running in losses for the last two decades, the sole state-run firm to do so, the Rajya Sabha was informed Tuesday.

Heavy Industries and Public Enterprises Minister Praful Patel said TSL has accumulated losses of Rs.645.7 crore till 2010-11.

“TSL, under the department of heavy industry, has been incurring losses steadily since 1991,” Patel said in a written reply.

TSL had posted a loss of Rs.56.43 crore in 2010-11, Rs.56.22 crore in the previous fiscal and Rs.46.98 crore in the year before that.

TSL is a heavy equipment manufacturer and is also involved in building infrastructure like high voltage towers and steel structures for various industries.

The minister said that several efforts have been made for the revival of the company through joint ventures with public sector enterprises, including Power Grid Corporation, National Thermal Power Corporation and National Hydro Power Corporation, but these have yielded no results.

“An advertisement was issued seeking expression of interest from the interested public sector enterprises for joint venture formation but no response was received,” said Patel.

Inefficient management practices and competition from a more vibrant private sector has led to the downfall of several public-run companies across India. Over three years ending 2009-10, 59 state-run companies saw their net worth totalling Rs.61,600 crore getting eroded.

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