Study conducted for revival of loss-making PEC: Nirmala Sitharaman

New Delhi: Minister of State for Commerce & Industry (Independent Charge), Nirmala Sitharaman addresses at an Interactive Session with the Startup Ecosystem Stakeholders, during the first anniversary of Start Up India, in New Delhi on Monday. PTI Photo (PTI1_16_2017_000067B)

A study has been carried out by a consultancy firm for the revival plan of loss-making trading firm PEC, Commerce and Industry Minister Nirmala Sitharaman said today.

PEC Ltd has made losses during the last two financial years, she said.

As per memorandum of understanding signed by PEC with the Department of Commerce for 2015-16, the minister said, "PEC has got a study conducted by a professional consultancy firm for preparation of revival plan" as per the guidelines of the Department of Public Enterprises.

Out of six central public sector undertakings of the ministry, STC Ltd and PEC Ltd are making losses.

STC, which was making losses since 2008-09, filed a winding petition in the High Court of Karnataka in 2013, which is pending for disposal.

Replying to a separate question, she said so far 16 rounds of negotiations were held for the free trade agreement between India and European Union.

The negotiations started in 2007 and after 16 rounds, the last being in 2013, "EU withdrew from the negotiations due to some outstanding issues," Sitharaman said.

After that, both the sides held four rounds of stocktaking meeting in order to proceed with the talks.

In a separate reply, she informed the Lok Sabha that India has so far initiated 203 anti-dumping and two countervailing (anti-subsidy) investigations involving China since January 1994.