The Union Cabinet today gave its approval for making necessary amendments in the Tyre Corporation of India Limited (Dis-investment of ownership) Bill, 2007 pending in Lok Sabha.
The TCIL is a nationalized PSE and as per the advice of Ministry of Law and Justice, prior approval of Parliament is required for changing the nature of PSE from a government company to a non-government company. The Company can be revived on a sustainable manner only through joint venture for which change in nature of the PSE will be required.
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HS/SKS
(Release ID :32179)