Tuesday, July 12 2005 16:22 Hrs (IST) - World Time -

Srinagar: Jammu and Kashmir Government is working out a strategy for revival of economically viable Public Sector Units (PSUs), state Finance Minister Muzaffar Hussain Baig said here today (July 12, 2005).

"Of the 15 units under the control of Jammu and Kashmir Industries (JKI), 10 have been closed down while the rest are running in losses," he said while addressing a meeting of officials of Industries and Finance Departments here.

He asked officials to work out a strategy for revival of at least 11 units, which are economically viable.

The units could be revived by their sale to private entrepreneurs or the Government could run them in joint ventures with private investors.

Baig asked concerned authorities to work out the financial implications for downsizing so that funds for the purpose could be projected to the Centre.

The recommendations of the meeting would be put to the state cabinet after being cleared by the Chief Minister so that the proposal could be put to action at the earliest.

At present, there are 2,410 employees on rolls in the 15 units of which 1,702 are surplus.