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Govt to revive HMT Machine Tools Ltd

‘Out of 11 sick PSUs, process for reviving 5 has started and these shall be revived. However, the remaining six units, which cannot be revived, we have decided on making a one-time settlement proposal of VRS for the employees of these units. The state-run units which have been identified by the government for revival include HMT Machine Tools Ltd; Heavy Engineering Corporation; NEPA Ltd; Nagaland Paper & Pulp Co Ltd; and Triveni Structurals,’ Union Heavy Industries & Public Enterprises Minister Anant Geete said.

Geete said the government is working on a one-time settlement proposal for six terminally ill PSUs which cannot be revived, to eliminate higher recurring expenditure. ‘Since last several years, we have been paying salaries to all the employees sick PSUs. We have spent Rs 3,000 crore till now on that. Instead of spending more thousand crores on that, it will be better that we spend once and for all. We are making a proposal for one-time settlement costing around Rs 1,000 crore for employees of 6 PSUs not capable of revival.’

‘The six companies which cannot be revived are Hindustan Photo Films Ltd; HMT Bearings Ltd; HMT Watches Ltd; HMT Chinar Watches Ltd; Tungabhadra Steel Products Limited; and Hindustan Cables Ltd. These 6 companies have employee strength of 3,603,’ the Minister said at a press conference to mark the 100 days of NDA government here.

Geete also informed that as per the recommendations of the Board for Reconstruction of Public Sector Enterprises (BRPSE), the government/holding companies have approved revival of 48 out of 58 central public sector enterprises (CPSEs) and closure of four out of six CPSEs.
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