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Government to close down the Five sick Public Sector Undertakings

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The Union Heavy Industries Minister Anant Geete said that Government has decided to close the 5 sick Public Sector Undertakings, that include HMT and its three units, and Hindustan Shipyard. He also added that the employees, who are working in these PSUs will be provided with good VRS package.

Government has listed a total of 65 sick PSUs in India. The Minister did not name any other PSUs which are slated to be closed down. Air India and MTNL were declared as sick PSUs, after they incurred huge losses worth 50% or more of their average net worth during four preceding years.

Company

Loss in 2013-14 Loss in 2012-13 Loss in 2011-12

Air India

5388 5490 7599

MTNL

7820

5321

4109

Hindustan Shipyard Ltd

859 551 462

Note : All the values above are in Crores