The paper is a summary of a report submitted to the World Bank on the performance determinants of Indian Public enterprises. The study was based on intensive case studies of four engineering enterprises, all attached to the Government of India's Department of Heavy Industry. The paper describes the operating context of the four PEs, the hypotheses that were formulated before the field work began the research methodology, and the findings of the study. The supported hypotheses are listed, and effective models of turnaround of PE's, management of its operating and regulating environments, its management of growth and diversification, the regulating authority's management of its interface with PE, and the government's appraisal of PE investment proposals are delineated. The paper outlines some implications of the study.