Among 257 operating Publis Sector Units (PSUs) in India, Indian Oil, ONGC, and Coal India have emerged as the most profitable state-owned companies, while debt-laden Air India, BSNL, and MTNL have incurred maximum losses in the same year.
According to the Public Enterprises Survey 2016-17 tabled in the Parliament on Tuesday, the losses incurred by BSNL, Air India and MTNL accounted for 55.66% of the total losses by the top ten loss-making Central Public Sector Enterprises (CPSEs).
Meanwhile, India’s energy sector companies Indian Oil, Oil and Natural Gas Corporation (ONGC), and Coal India added a profit of 19.69%, 18.45% and 14.94% respectively to the total profit earned by top ten profit-making companies. While two other energy sector companies Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals in the year 2016-17 made it to the list of top ten profit making CPSEs.
It is notable that Air India has not made any profit since at least the year 2007. The national-carrier, under intense competition from leaner, more efficient and often-cheaper private airlines piled up a debt of over Rs 52,000 crore, following which the Narendra Modi government decided to strategically disinvestment its shares to private players. The disinvestment process is currently underway.
13/03/inancial Express
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According to the Public Enterprises Survey 2016-17 tabled in the Parliament on Tuesday, the losses incurred by BSNL, Air India and MTNL accounted for 55.66% of the total losses by the top ten loss-making Central Public Sector Enterprises (CPSEs).
Meanwhile, India’s energy sector companies Indian Oil, Oil and Natural Gas Corporation (ONGC), and Coal India added a profit of 19.69%, 18.45% and 14.94% respectively to the total profit earned by top ten profit-making companies. While two other energy sector companies Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals in the year 2016-17 made it to the list of top ten profit making CPSEs.
It is notable that Air India has not made any profit since at least the year 2007. The national-carrier, under intense competition from leaner, more efficient and often-cheaper private airlines piled up a debt of over Rs 52,000 crore, following which the Narendra Modi government decided to strategically disinvestment its shares to private players. The disinvestment process is currently underway.
13/03/inancial Express
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