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The NDA government will be freeing assets worth Rs 22,000 crore belonging to five sick Public Sector Units under his ministry — including three companies of HMT — as it goes about closing these “nonproductive units” by rolling out “an attractive VRS package” for 2800 existing employees, said, Union Minister of Heavy Industries and Public Enterprises, Anant Geete on Friday.
“We have decided to close down five sick PSUs that fall under my ministry. There are three units that belong to HMT — HMT Watches, HMT Chinar Watches and HMT Bearings. The other two are Tungabadhara Steel Products Ltd and Hindustan Cables Limited,” the minister said on the sidelines of a workshop held here.
“We have decided to close them down, because since 2007 there is not production in these units and we have already spent about Rs 4000 crore only on salary and wages of the employees. How long will we continue to spend on salaries in these nonproductive units,” the minister said adding that the government will be giving an “attractive VRS package” which will be based on the pay-scales that existed in 2007.
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Earlier addressing the workshop, the minister said, that the manufacturing sector in the country is passing through “difficult times” and is finding it hard to compete with global peers. “There is no shortage of wealth in this country. But the wealth has to be routed in the right direction,” he said praising PM Modi’s “Make in India” campaign.
- See more at: NDA govt to give VRS to 2800 employees in 5 sick PSUs; free assets worth Rs 22,000 cr | The Indian Express
“We have decided to close down five sick PSUs that fall under my ministry. There are three units that belong to HMT — HMT Watches, HMT Chinar Watches and HMT Bearings. The other two are Tungabadhara Steel Products Ltd and Hindustan Cables Limited,” the minister said on the sidelines of a workshop held here.
“We have decided to close them down, because since 2007 there is not production in these units and we have already spent about Rs 4000 crore only on salary and wages of the employees. How long will we continue to spend on salaries in these nonproductive units,” the minister said adding that the government will be giving an “attractive VRS package” which will be based on the pay-scales that existed in 2007.
.........................................
Earlier addressing the workshop, the minister said, that the manufacturing sector in the country is passing through “difficult times” and is finding it hard to compete with global peers. “There is no shortage of wealth in this country. But the wealth has to be routed in the right direction,” he said praising PM Modi’s “Make in India” campaign.
- See more at: NDA govt to give VRS to 2800 employees in 5 sick PSUs; free assets worth Rs 22,000 cr | The Indian Express
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