PSU Privatization / Strategic Disinvestment

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jaysimha
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Re: PSU Privatization / Strategic Disinvestment

Post by jaysimha »

Corrigendum Air India
http://www.civilaviation.gov.in/sites/d ... 0India.pdf


Clarifications sought by Interested Bidders on PIM/EoI for the Strategic Disinvestment of Air India
and its Subsidiaries/JV

http://www.civilaviation.gov.in/sites/d ... 0India.pdf
jaysimha
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Re: PSU Privatization / Strategic Disinvestment

Post by jaysimha »

https://www.sebi.gov.in/sebi_data/attac ... 131490.pdf

RED HERRING PROSPECTUS
Dated March 5, 2018
100% Book Built Offer
BHARAT DYNAMICS LIMITED
jaysimha
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Re: PSU Privatization / Strategic Disinvestment

Post by jaysimha »

I think we missed this
RED HERRING PROSPECTUS
Dated March 21, 2018
100% Book Built Issue
HINDUSTAN AERONAUTICS LIMITED
https://www.sebi.gov.in/sebi_data/attac ... 824568.pdf
jaysimha
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Re: PSU Privatization / Strategic Disinvestment

Post by jaysimha »

PRELIMINARY INFORMATION MEMORANDUM For Inviting Expression of Interest for STRATEGIC DISINVESTMENT OF HINDUSTAN FLUOROCARBONS LIMITED By HINDUSTAN ORGANIC CHEMICALS LIMITED
http://dipam.gov.in/sites/default/files ... download=1

-------------------------------------

Project: Disinvestment of 100.00% shareholding held by the Hindustan Paper Corporation Limited (HPCL) in Hindustan Newsprint Limited (HNL)

http://heavyindustry.gov.in/writereadda ... stment.pdf
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

I am really disappointed with this. I was hoping they will complete Air India disinvestment before the end of NDA first term.

https://m.timesofindia.com/business/ind ... 401806.cms
Suraj
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Re: PSU Privatization / Strategic Disinvestment

Post by Suraj »

ashbhee wrote:I am really disappointed with this. I was hoping they will complete Air India disinvestment before the end of NDA first term.

https://m.timesofindia.com/business/ind ... 401806.cms
It’s just the markets demonstrating that AI cannot be divested of in one piece . There are plenty of takers for individual pieces of it .
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Re: PSU Privatization / Strategic Disinvestment

Post by Supratik »

IMO AI is not saleable even in parts because of the enormous liabilities. Airlines is a thin margin business. Govt and lenders will have to take a hair cut. Best done after 2019 elections as otherwise charges of selling family jewels, etc will be brought in. Will be happy to be proven wrong.
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Re: PSU Privatization / Strategic Disinvestment

Post by Suraj »

AI has a lot of valuable components. Substantial property ownership, technical centers and personnel base in BOM and DEL, significant grandfathered bilateral & fifth freedom rights (e.g. they are one of the few permitted to carry passengers on JFK/EWR-LHR), highly coveted slots at some major airports, and separately both an international network connected to Star Alliance, and a domestic network.
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

ashbhee
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

Govt clears revised norms for time-bound closure of sick PSUs

The government on Wednesday approved revised guidelines for time-bound closure of sick and loss-making central public sector enterprises and the disposal of their movable and immovable assets.

https://www.deccanherald.com/national/g ... 73583.html
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

Now BSNL wants a handout. For God Sake, sell BSNL Air India

> Ailing state-owned telco BSNL has sent an SOS to the governm ..
http://timesofindia.indiatimes.com/arti ... aign=cppst
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Re: PSU Privatization / Strategic Disinvestment

Post by chetak »

Suraj wrote:
ashbhee wrote:I am really disappointed with this. I was hoping they will complete Air India disinvestment before the end of NDA first term.

https://m.timesofindia.com/business/ind ... 401806.cms
It’s just the markets demonstrating that AI cannot be divested of in one piece . There are plenty of takers for individual pieces of it .

these individual pieces will then slyly be devalued, using a variety of fly by night valuers and hived off to favored investors who will front for the actual shareholders.

A lot of gulf airlines are waiting for just such a disinvestment opportunity and are willing to pay well for the chance.

It never ceases to amaze me that jet which had so many foreign investors but always managed to raise money mostly from Indian PSU banks with one particular bank always managing to take a lead in such exciting opportunities in almost every failed venture.

Its almost uncanny how many gora banks can fortell the future of Indian ventures.

there is already a huge tussle for grabbing AI's ground operations dept, one of the many depts that "investors" are keen on and which has a potentially lucrative operating presence in many Indian airports.
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Re: PSU Privatization / Strategic Disinvestment

Post by chetak »

ashbhee wrote:Now BSNL wants a handout. For God Sake, sell BSNL Air India

> Ailing state-owned telco BSNL has sent an SOS to the governm ..
http://timesofindia.indiatimes.com/arti ... aign=cppst
BSNL is not completely at fault


1. BJP Govt didn’t allot them 4G
2. All Pvt Telcos are pumping in finance but BSNL barred from taking loans
3. Zero capital investment by Govt
4. No investment in towers
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

chetak wrote:
ashbhee wrote:Now BSNL wants a handout. For God Sake, sell BSNL Air India
BSNL is not completely at fault

1. BJP Govt didn’t allot them 4G
2. All Pvt Telcos are pumping in finance but BSNL barred from taking loans
3. Zero capital investment by Govt
4. No investment in towers
It is not Govt. job to allow or disallow, you need to privatize it, private entity will act at its best interest and interest of share holders.
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Re: PSU Privatization / Strategic Disinvestment

Post by chetak »

ashbhee wrote:
chetak wrote:
It is not Govt. job to allow or disallow, you need to privatize it, private entity will act at its best interest and interest of share holders.

yeah, then why did they do so for AI and continue to do so


Is telecommunications of any less strategic or even nationally vital less importance than commercial flying


the govt must get its priorities right. Communications is at the very existentialist core of all services.


where we have miserably failed in running such organizations is this deeply entrenched " jobs for the boys" racket that every casteist politician has perfected, packing the employee pool with deadwood, who are entitled, militant and lazy, unionized tinpots and who merely swell the ranks of the "workers" without much output or production and foisting a huge financial burden on the already tottering entity.


I don't hear any PSU employee say the they are willing to take a 30% paycut to help the company through its present difficulties.
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Re: PSU Privatization / Strategic Disinvestment

Post by jpremnath »

chetak wrote:
ashbhee wrote:Now BSNL wants a handout. For God Sake, sell BSNL Air India

> Ailing state-owned telco BSNL has sent an SOS to the governm ..
http://timesofindia.indiatimes.com/arti ... aign=cppst
BSNL is not completely at fault


1. BJP Govt didn’t allot them 4G
2. All Pvt Telcos are pumping in finance but BSNL barred from taking loans
3. Zero capital investment by Govt
4. No investment in towers
Having both my parents as BSNL employees, I will chip in with their side of the story on who and what is responsible for the company being in this mess..

1. The employees take a good share of the blame for giving a PSU level service and attitude to customers when battling cut throat competition. The employees are well paid and took it for granted their 'job till 60' life. Never thought a 'central govt' firm will face a situation of delayed salaries. The trade unions inside the company is strong and brings in plenty of dead weight.
While everyone blames BSNL for pathetic service, I would like to point out that the private companies are not that great either. There are plenty of stories where you get suspect billing which you cant prove otherwise. The customer service is smooth until they have to pay you back on anything. I had horrible experience with Airtel once.
2. As Chetak said, the govts from the UPA2 to NDA2 has been sitting on many of the company's request for purchasing equipment, 4G and upgrading legacy system. There is a feeling that the political parties for some reason wants the slow death of the company. Even today the minister just gives lip service to improving the health of the company but does nothing. The public keeps blaming the employees for all the mess while most of the problem faced by the customers is because of old equipment which breaks down and the company doesnt have the money to replace them.
3. The upper and middle management who takes bribe from rival telcos to undermine the service in some profitable regions. My wife had this experience while at college which was in a remote location. BSNL has solid coverage and every student and staff had their sim. Then one day Idea started in the locality and within a few months, the BSNL towers gave erratic signals and call quality dropped. Frustrated without any change in the situation for months, students and staff moved en masse to Idea and Airtel. This might sound like a one off incident, but you will be surprised how often this happens.
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Re: PSU Privatization / Strategic Disinvestment

Post by gaurav.p »

Fix the human resource management of all PSUs, corporatise them. But don't short sell and ignore them and eventually liquidate them at dirt prices.

IIRC BSNL still has the largest network with optical fibre network in India. Having the 5G spectrum will ease the revenue issues. Communications is really a strategic sector not to forgo. After recent cyclone Fani, BSNL was the first network to get back at the earliest, there was no jio, airtel nothing.

Plus if you go to tier3 cities in India. The only network that you get with good enough internet it BSNL. The private moguls are just here for profitability, they spend a lot of money to sell the same function which is already being done by PSUs.

Scope for reform is there anywhere, but stop this hitjob of PSUs sucking to the core. Just because they don't invest to sell a pipedream doesn't mean they are the villains.
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

It looks like RSS is coming around to accepting disinvestment.
https://timesofindia.indiatimes.com/ind ... 496568.cms
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

Air India disinvestment: Fresh EoI in November

“There are several things which are being worked out at the top level. One of them is offering 100 per cent stake for the buyers so that they don’t worry about any interference,”

Read more at: https://www.deccanherald.com/business/b ... 69059.html
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Re: PSU Privatization / Strategic Disinvestment

Post by Nikhil T »

jpremnath wrote:
chetak wrote:
BSNL is not completely at fault


1. BJP Govt didn’t allot them 4G
2. All Pvt Telcos are pumping in finance but BSNL barred from taking loans
3. Zero capital investment by Govt
4. No investment in towers
Having both my parents as BSNL employees, I will chip in with their side of the story on who and what is responsible for the company being in this mess..

1. The employees take a good share of the blame for giving a PSU level service and attitude to customers when battling cut throat competition. The employees are well paid and took it for granted their 'job till 60' life. Never thought a 'central govt' firm will face a situation of delayed salaries. The trade unions inside the company is strong and brings in plenty of dead weight.
While everyone blames BSNL for pathetic service, I would like to point out that the private companies are not that great either. There are plenty of stories where you get suspect billing which you cant prove otherwise. The customer service is smooth until they have to pay you back on anything. I had horrible experience with Airtel once.
2. As Chetak said, the govts from the UPA2 to NDA2 has been sitting on many of the company's request for purchasing equipment, 4G and upgrading legacy system. There is a feeling that the political parties for some reason wants the slow death of the company. Even today the minister just gives lip service to improving the health of the company but does nothing. The public keeps blaming the employees for all the mess while most of the problem faced by the customers is because of old equipment which breaks down and the company doesnt have the money to replace them.
3. The upper and middle management who takes bribe from rival telcos to undermine the service in some profitable regions. My wife had this experience while at college which was in a remote location. BSNL has solid coverage and every student and staff had their sim. Then one day Idea started in the locality and within a few months, the BSNL towers gave erratic signals and call quality dropped. Frustrated without any change in the situation for months, students and staff moved en masse to Idea and Airtel. This might sound like a one off incident, but you will be surprised how often this happens.
I agree. I remember 10 yrs ago there was talk of $100 billion valuation for BSNL. Then came A Raja and we know how the company was systematically butchered.
https://www.outlookindia.com/newswire/s ... llion/3062

Overall, there are some stellar PSUs that are doing good work. Mostly Maharatnas and Navratnas such as IndianOil and GAIL. I feel we should close/sell off the suckers like Air India and BSNL. The airline industry is fundamentally unprofitable and frankly its debatable if India needs a national airline. BSNL is now unfortunately a lost cause because of technology denials and consequent customer erosion.

We should concentrate on a small set of PSUs and grant them autonomy. Currently, even a Maharatna like ONGC can be bullied to buy HPCL and still not get a seat on the HPCL Board. Similarly, there are some that are purely doing screwdriver giri but have the potential for far more e.g. BEML. Autonomy will drive better governance, better profits and valuations for GoI in the long term.

While not an apple to apple comparison, China's PSUs had $480 billion in profit last year.
http://www.chinadaily.com.cn/a/201901/1 ... e4cce.html
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Re: PSU Privatization / Strategic Disinvestment

Post by chetak »

Nikhil T wrote:
jpremnath wrote:
Having both my parents as BSNL employees, I will chip in with their side of the story on who and what is responsible for the company being in this mess..

1. The employees take a good share of the blame for giving a PSU level service and attitude to customers when battling cut throat competition. The employees are well paid and took it for granted their 'job till 60' life. Never thought a 'central govt' firm will face a situation of delayed salaries. The trade unions inside the company is strong and brings in plenty of dead weight.
While everyone blames BSNL for pathetic service, I would like to point out that the private companies are not that great either. There are plenty of stories where you get suspect billing which you cant prove otherwise. The customer service is smooth until they have to pay you back on anything. I had horrible experience with Airtel once.
2. As Chetak said, the govts from the UPA2 to NDA2 has been sitting on many of the company's request for purchasing equipment, 4G and upgrading legacy system. There is a feeling that the political parties for some reason wants the slow death of the company. Even today the minister just gives lip service to improving the health of the company but does nothing. The public keeps blaming the employees for all the mess while most of the problem faced by the customers is because of old equipment which breaks down and the company doesnt have the money to replace them.
3. The upper and middle management who takes bribe from rival telcos to undermine the service in some profitable regions. My wife had this experience while at college which was in a remote location. BSNL has solid coverage and every student and staff had their sim. Then one day Idea started in the locality and within a few months, the BSNL towers gave erratic signals and call quality dropped. Frustrated without any change in the situation for months, students and staff moved en masse to Idea and Airtel. This might sound like a one off incident, but you will be surprised how often this happens.
I agree. I remember 10 yrs ago there was talk of $100 billion valuation for BSNL. Then came A Raja and we know how the company was systematically butchered.
https://www.outlookindia.com/newswire/s ... llion/3062

Overall, there are some stellar PSUs that are doing good work. Mostly Maharatnas and Navratnas such as IndianOil and GAIL. I feel we should close/sell off the suckers like Air India and BSNL. The airline industry is fundamentally unprofitable and frankly its debatable if India needs a national airline. BSNL is now unfortunately a lost cause because of technology denials and consequent customer erosion.

We should concentrate on a small set of PSUs and grant them autonomy. Currently, even a Maharatna like ONGC can be bullied to buy HPCL and still not get a seat on the HPCL Board. Similarly, there are some that are purely doing screwdriver giri but have the potential for far more e.g. BEML. Autonomy will drive better governance, better profits and valuations for GoI in the long term.

While not an apple to apple comparison, China's PSUs had $480 billion in profit last year.
http://www.chinadaily.com.cn/a/201901/1 ... e4cce.html
My BSNL bb connection has now been down for the past four days with no idea of its restoration.

Rest assured that the next bill will arrive promptly, as always, with the usual threatening message about disconnection if not paid on time.

Frankly one becomes weary of supporting such scoundrels.

Despite the JE giving a direct order, a lowly lineman refused to change my line to another junction box when the cable pair was rendered useless due to water damage. I had to abandon that connection and get another with change of number and all the attendant hassles.

this company is being run by 4th class pass/fail yahoos who disregard instructions and as a result, linemen have started to dictate company policy.

like Modi said recently in another context, doob maro.
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Re: PSU Privatization / Strategic Disinvestment

Post by chetak »

twitter

Once Upon a time in 2008: BSNL planned an IPO to raise Rs. 40000 crores by selling just a 10% stake. Govt decided against it. Why? BSNL Union opposed it. One should have no sympathy for this company or its employees now
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

BSNL, MTNL to be merged; Centre lines up Rs 70,000 crore revival package.

Digging ourselves into even bigger hole by throwing 70,000 crore at the problem.

Read more at:
http://timesofindia.indiatimes.com/arti ... aign=cppst
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Re: PSU Privatization / Strategic Disinvestment

Post by Nikhil T »

100% agree. In the longer term, there's no need for BSNL and MTNL to operate while there are efficient private sector companies. If anything, Govt should provide a performance based subsidy for telcos to operate in remote areas. That will be far better than having BSNL attempt to operate as a corporate - it is just not one unfortunately.

Pretty sad because I remember back in college, BSNL had the best pricing and their SIM cards were hard to come by. Students would sell it to each other at 5X the price and BSNL would run "camps" once in a year to sell fresh SIMs. I wish we could prosecute the Telecom Ministers and the BSNL leadership that led us to this juncture - but that's just wishful thinking.
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Re: PSU Privatization / Strategic Disinvestment

Post by Varoon Shekhar »

question: when Public Sector Enterprises are dissolved/liquidated, are their facilities taken over and used, in all cases? When BHVP became defunct, it was taken over by BHEL, and its equipment was absorbed into BHEL. When Hindustan Cables stopped operations, it was taken over by OFB.

Did the same thing happen to Burn Standard, Tungabhadra Steel, NIDC, P&E, Hindustan Photo Films et al? Were their facilities and know-how made use of by another entity? Or was it just a passive liquidation? At least, was the land they were set up on, put to productive use?
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

I think Govt should not just stop at corporatization of OFB. Armed forces should be give a free hand to buy the best products at the cheapest place available. OFBs should either sink or swim without Govt support.
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Re: PSU Privatization / Strategic Disinvestment

Post by Rishirishi »

ashbhee wrote:BSNL, MTNL to be merged; Centre lines up Rs 70,000 crore revival package.

Digging ourselves into even bigger hole by throwing 70,000 crore at the problem.

Read more at:
http://timesofindia.indiatimes.com/arti ... aign=cppst
Yearly they are losing almost 17 000 cr. This is sufficient to build 250Km of world class 6 lane express way at Indian costs (including land purchase)
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

It looks like GOI is committed to AI disinvestment. Maybe the 11th time (or whatever number this attempt is) will be the Charm.


Govt to go ahead with AI sale, may not retire debt - Times of India</title><meta name="description" content="India Business News: The government is moving ahead with Air India strategic sale and is expected to ask suitors to bid based on the combined equity and debt value, while turning down suggestions to either run the operations for next two-three years or shut down the national carrier.

https://timesofindia.indiatimes.com/bus ... 670635.cms
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Re: PSU Privatization / Strategic Disinvestment

Post by uskumar »

Several EoIs received for BPCL sale, says Centre

Strange that oil biggies have given this a miss. India is probably last under-tapped growing market.
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

Tatas bid for Air India, 67 years after exit

Tata Group, India’s largest conglomerate, is believed to have submitted an expression of interest for the beleaguered national carrier Air India over the weekend. It is learned that the vehicle used to file the interest in AI is AirAsia India, Where Tata Sons has a significant majority stake.

https://timesofindia.indiatimes.com/bus ... 712441.cms
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Re: PSU Privatization / Strategic Disinvestment

Post by ashbhee »

I wish Modi govt had done this in their first year in office in their first term.

Prime Minister Narendra Modi on Wednesday made a strong pitch for a bigger role for the private sector in the economy, saying that slandering private enterprise was tantamount to distrusting the potential of youth and suspecting their intent.

http://timesofindia.indiatimes.com/arti ... aign=cppst
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Re: PSU Privatization / Strategic Disinvestment

Post by venkat_kv »

ashbhee wrote:I wish Modi govt had done this in their first year in office in their first term.

Prime Minister Narendra Modi on Wednesday made a strong pitch for a bigger role for the private sector in the economy, saying that slandering private enterprise was tantamount to distrusting the potential of youth and suspecting their intent.

http://timesofindia.indiatimes.com/arti ... aign=cppst
Saar, he could have done that but you would hear non stop rona dhona by all the assorted motley crew about favoring the private sector. Right now he has done the Jan Dhan, toilets, aadhar based direct transfer so the common man knows that govt is looking for their well-being.
It would be difficult to do this in the first year without the people trusting the govt as much as they do now.

Also the govt was structurally setting up the economy to be on a firmer footing with reforms coming in and trying to solve a myraid of issues - trying to bringing more individuals under tax net, NPA from banks and demonetization (although this came much later).
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Re: PSU Privatization / Strategic Disinvestment

Post by VinodTK »

Do not know if this belongs here; however still god news

Amazon India inks MoU with the Directorate General Resettlement for hiring ex-service personnel
Amazon India has signed a Memorandum of Understanding (MoU) with the Directorate General Resettlement (DGR), to provide ex-service personnel with work opportunities across its growing operations network in India. With this partnership, Amazon India will continue to create alternate career opportunities for ex-service personnel who have served the country.

The MoU was signed between Liju Thomas, HR Director, Customer Fulfillment & Corporate, Amazon India Operations and Maj Gen MK Sagoch, Director General, DGR.

The association with DGR will further enable Amazon India to mobilise the untapped potential of veterans, giving it access to a greater talent pipeline. Veterans will have access to various work opportunities including a mix of individual contribution and managerial roles across its Fulfilment Centres, Sort Centres, and Delivery Stations. This collaborative effort further expands Amazon India’s existing Military Veterans Employment program.
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From:The Economic Times
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