Government to close down the Five sick Public Sector Undertakings

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.

Note : All the values above are in Crores