TCIL, incorporated in 1984 through the nationalisation of two private firms National Rubber Manufacturers Ltd and Inchek Tyres Ltd, has been a BIFR case since 1992. In June, the CCEA sought CoS views on TCIL package with 74 per cent equity sale to a strategic partner after the Finance Ministry refused to part write off Rs 822 crores to clean the PSU’s balance sheet.
The ministry had questioned its revival plan stating that the Centre had no business to be in tyre manufacturing. On that, the CoS has suggested that the government could either sell 74 per cent or 100 per cent of its equity.
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