The Indian Chemical Manufacturers' Association today (ICMA) felicitated the managing directors of Gujarat Alkalies and Chemicals (GACL) and Gujarat State Fertilisers and Chemicals (GSFC) for playing a pivotal role in turning around the two public sector units (PSUs). |
P K Taneja and A K Luke are the managing directors of GACL and GSFC, respectively. |
"It is gratifying to honour the PSUs. The turnaround stories of GACL and GSFC can be perfect case studies for private sector companies to learn new lessons in management," said Ravi Kapoor, chairman, Gujarat Chapter of ICMA. |
The state owned GACL, which was suffering losses since 1999, witnessed a turnaround in 2003. The chemicals company, which started with a capital investment of Rs 16 crore, had assets worth Rs 1,613.38 crore in March 2004. |
The fertiliser manufacturer GSFC logged a profit of Rs 174 crore in 2003-04 from a loss of Rs 228 crore in 2002-03. |
"Unlike in a typical government sector company, decision making was the major force behind GACL's turnaround. The credit for the revival of the company goes to its employees who delivered the desired results," said Taneja. |
He recalled the state in which Luke, his predecessor at GACL, left the company before joining the ailing GSFC about three years back. |
The felicitation function was attended by the principal secretary to the chief minister and chairman of GACL and GSFC P K Lahiri and ICMA chairman Deepak Mehta. |