The government may wind up at least six central public sector enterprises including the iconic watchmaker HMT that it believes are not capable of revival. Heavy industry minister Anant Geete on Thursday said that the government is preparing a roadmap for identifying state-run firms which not capable of revival. It will give voluntary retirement scheme (VRS) to their employees. The other companies on the list include Hindustan Photo films, HMT Bearings, HMT Chinar Watches, Tungbhadra Steel and Hindustan Cable. "We are making a proposal for onetime settlement costing around `1,000 crore for employees of six PSUs that are not capable of revival," said Geete, adding that it would be better to make a one-time settlement and eliminate higher recurring expenditure. The government has also identified another five sick units - HMT Machine Tools, HEC, NEPA, Nagaland Pulp & Paper and Triveni Structurals - that it plans to revive through joint ventures with Maharatna PSUs.
Read the Economic Times news report here.