Minister of State for Heavy Industries Anant Geete told the Parliament yesterday that MTNL and Air India have been declared sick. In addition, four other PSUs, viz. Scooters India Limited, Hindustan Ship Yard, ITI and Hindustan Cables are also declared sick industries.
A PSU is declared sick when it has accumulated losses in any financial year equal to 50% or more to its average net worth during four preceding years. Air India as well as MTNL, both come in this category.
Though BSNL is in loss for the last five years, since its net worth is much more, it will not come under the category. But the danger is there. That is why the Forum of BSNL Unions and Associations is calling upon the government, the management and the workers to make all out efforts for the Revival of BSNL.