Govt. approved closure of 5 PSUs and offers VRS to their employee

Government has approved closure of five Central Public Sector Enterprises and offer of attractive VRS to their 2682 employees in relaxation of Department of Public Enterprises guidelines. The details are given below:

 1. HMT Bearings Ltd. = 55 employees 

2. HMT Watches Ltd. = 1004 employees 

3. HMT Chinar Watches Ltd. = 31 employees 

4. Tungabhadra Steel Products Ltd. = 75 employees 

5. Hindustan Cables Ltd. = 1517 employees .

Movable assets of aforesaid CPSEs like Plant and Machinery, furniture and fixture, vehicles etc.  would be either auctioned or transferred to holding/subsidiary/associate CPSEs or Government/Government controlled Body.  Immovable assets i.e. land and/or buildings would be transferred to Central/State Government or Central/State Government entities/PSUs only, depending on the terms of lease/ownership of concerned CPSE.