Public sector enterprises in India represent massive state investment, tested technology and quality manpower, but in many cases, their true potential is not realised and they remain sick, under-utilised or stagnant. What they lack is possibly entrepreneurship and vision, which comes from good leadership. This book narrates the story of the revival of two big public sector enterprises. The author served as the chief executive officer of both the companies and shares his experience of their turnaround.
Hindustan Copper Ltd was a loss-making entity for many years. By 2003, the company’s accumulated losses crossed ?7 billion. From that position, the company was turned around; it posted a net profit for the first time after 90 months of continuous loss. The author talks about the strategies, efforts and initiatives that brought about the miraculous turnaround of Hindustan Copper Ltd. The company which was to be sold at ?100 million in 2003 now has a market capitalisation of more than ?60 billion.
The second part of the book is about National Mineral Development Corporation Ltd (NMDC), which, unlike Hindustan Copper Ltd, had not been a sick company. It was a profitable company with good fundamentals; however, it suffered from complacency and therefore stagnation. How NMDC moved from stagnation to growth and diversification and ultimately realised its full potential is a story of awakening, hardship and success.