In an attempt to help ailing five PSU’s, a total investment of Rs 4,575 crore is being considered by the Ministry of Heavy Industries and Public Enterprises, which also includes revival of Lucknow-based Scooters India without inducting any strategic partner. The proposals to revive the PSUs are under different stages of approval.
The ministry has also appointed renowned consultants for formulation of appropriate revival plans and strategy to restructure these PSUs. The PSU’s, which will be revived through induction of funds by the government, include HMT, HMT Bearings, HMT Watches, newsprint-maker NEPA, Nagaland Pulp and Paper.
The maximum investment of Rs 1,292 crore has been set aside for the NEPA, followed by HMT Watches Rs 1,500 crore, HMT Rs 992 crore and Nagaland Pulp and Paper Company Rs 679 crore and HMT Bearings Rs 112 crore. Further, Cement Corporation of India and Ranchi-based Heavy Engineering Corporation have already been revived with government’s aid of Rs 1,716 crore and about Rs 1,400 crore respectively.
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