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PMO approves closure of sick Govt. companies

NITI Aayog’s proposal for shutting down 17 sick or loss-making government companies has received the go-ahead from Prime Minister’s Office (PMO). 
•    A second set of proposals from the Aayog for strategic sales aimed at reducing government ownership to below 51 per cent in about 22 public sector companies has also got the green signal from the PMO.
•    This second list includes the Miniratna helicopter services operator Pawan Hans Limited, Scooters India Limited, Cement Corporation of India Limited and three plants of the Maharatna Steel Authority of India (SAIL) located at Salem, Durgapur and Bhadravati. 
•    The Finance Ministry is approaching the Cabinet for its approval separately for each of the strategic sales the PMO has approved. 
•    The list of loss-making companies to be closed includes Indian Oil-CREDA Biofuels Ltd and CREDA HPCL Biofuel Ltd, both Jatropha oil-focussed subsidiaries of state-owned petroleum giants.

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