APIDC to be merged with APIIC
Hyderabad, July 10, 2006The Chief Minister, Dr. YS Rajasekhara Reddy addressing a press conference on Monday categorically ruled out privatization of any public sector undertaking in the State especially for Andhra Pradesh State Road Transport Corporation (APSRTC) and Singareni Collieries. He dispelled the fears among the employees and some political parties about privatization of the PSUs in the wake of the recent Cabinet decision to restructure 30 enterprises and major cooperatives.
Dr. Reddy said that the restructuring was aid to make the sick PSUs and making them more effective. He confirmed that the Andhra Pradesh Industrial Development Corporation would be merged with AP Industrial Infrastructure Corporation (APIIC) as the former had outlived its purpose of taking loans from banks and assisting entrepreneurs.
Dr. Reddy made it clear that the Government's intervention to make the APSRTC more efficient as well as the assistance to it would continue. He recalled that an amount of Rs.600 crores had already been given to APSRTC.
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