AP Cabinet approves "Action Plan-III" for PSUs

Hyderabad, Jul 7 (UNI) The Andhra Pradesh Cabinet today approved implementation of ''Action Plan-III'' to improve the Public Sector Undertakings in the state.

Talking to reporters here, after attending the Cabinet meeting Information Minister Mohd Ali Shabeer said the Action Plan-III covering 30 PSUs and Cooperatives would start from this year and would be completed in three years with ten units each year.

The Minister said studies would be undertaken to recommend measures for restructuring potentially viable enterprises to improve their performance.

The Action Plan would also be implemented in The Singareni Colleries Trading, Housing, Road, Mineral Development, Minorities Finance, Women's Cooperative Finance, Industrial Infrastructure Corporations in the state.

The Cabinet also decided to amend the State Chit Fund Act to make it more effective to safeguard the interests of investing public.

Mr Shabeer said the Cabinet had decided to allot 12 acres of land at the rate of Rs 4.21 crore to the TSI Venture Private Limited for constructing a 20 storey IT tower on the city outskirts.

The tower, which would be completed in the next two years, would create job for 5,000 to 10,000 people, he added.

The Group of Ministers in the meeting suggested to incorporate certain provisions of the Central Chit Fund Act like prescribing Rs one lakh as minimum paid up capital for chit Fund firms, investment of ten per cent of net annual profit in reserve fund, a ceiling of 40 per cent on discount to be allowed and adopting higher penalties for offences in the State Chit Fund Act.

UNI SM AJ MA ND1754