Tyre Corporation to be revived through JV: Cabinet

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New Delhi, Oct 25 (UNI) The Cabinet today approved a proposal for reviving the Tyre Corporation of India Ltd through a joint venture with the private sector.

For this purpose, amendments would be made to the Tyre Corporation of India Ltd (Disinvestment of ownership) Bill 2007 pending in the Lok Sabha.

TCIL is a nationalised public sector enterprise (PSE) and as per the advice of the Law Ministry prior approval of Parliament is necessary for changing the nature of PSE from a government company to a non-government company.

The company can be revived on a sustainable basis only through a JV for which change in nature of the PSE is needed, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.

UNI

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