Govt working on plan to revive sick PSUs including Scooters India and HMT Chinar Watches: Praful Patel

NEW DELHI: The government today said it is working on a plan to revive sick PSUs including Scooters India and HMT Chinar Watches.

"The Department of Heavy Industry (DHI) has undertaken a fresh appraisal of 11 sick CPSEs like Scooters India, HMT (Watches) Ltd, HMT Bearings, Nagaland Pulp and Paper and Hindustan Photo Films," Minister of Heavy Industries and Public Enterprises Praful Patel said in a written reply in the Lok Sabha.

The department also plans to revive few sick units by forming joint ventures with another central public sector enterprise (CPSE), he added.

In case of Tungabhadra Steel Products Ltd (TSPL) and Richardson and Cruddas (R&C) and Triveni Structural Ltd (TSL), the DHI has proposed to form JVs with other CPSEs, he said.

However, Patel said that in case of HMT Chinar Watches, the Jammu and Kashmir government may take over it and Hindustan Cables Ltd is expected to be taken over by Ordnance Factory Board, under the Department of Defence Production, the Ministry of Defence.

Further, Patel said, DHI identified 28 loss-making CPSEs for revival and referred them to the Board for Reconstruction of Public Sector Enterprises (BRPSE) for its recommendations.

The Board has made recommendations in all the 28 cases. The government has taken decision to revive 17 CPSEs and closure of 2 units, he said.