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StaffCorner

17 Nov, 2014 07:24 AM

Govt. to finally shut dying PSUs like HMT Watches, Tungbhadra Steel and others

Govt. to finally shut dying PSUs like HMT Watches, Tungbhadra Steel and others Government has begun the process of shutting some of the loss making PSUs. The move comes even as Finance minister was telling that the government was willing to consider the privatisation of sick state-run firms.

A senior government official confirmed that a Cabinet note proposing the closure of six firms under the department of heavy industry has been circulated. The list includes Hindustan Photo Films, HMT Bearings, HMT Chinar Watches, Tungbhadra Steel, Hindustan Cable and the iconic HMT Watches.

In the second round, 15 more loss-making firms will be under consideration, including British India Corporation, IDPL and their subsidiaries.

Read more @ http://economictimes.indiatimes.com/articleshow/45171480.cms



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