New Delhi: The Government today (Nov 3, 2004) approved the constitution of a 'Board for Reconstruction of Public Sector Enterprises', which will come up with ways and means to revive sick public sector undertakings (PSUs).

Speaking to reporters after a meeting of the Cabinet Committee on Economic Affairs, Finance Minister P Chidambaram told that the 7-member board will have a non-official member as the chairman.

Besides, the board will have three non-official members and three secretaries of the Government of India, he said.

The intention of the board will be to look at reconstruction and revival proposals of sick PSUs, Chidambaram said.

The board's recommendation will be advisory, he said, adding the board will advise the Government on each proposal which are referred to it and the ones that it takes up suo motu.