The Centre has decided to shut down five loss-making public sector undertakings, said G M Siddeshwar, Minister of State for Heavy Industries and Public Enterprises.
Tungabhadra Steel Products Limited of Hosapete, Hindustan Cables Limited of Kolkata, HMT Sinar Watches, HMT Watches of Bengluru, and HMT Bearings companies will be closed down, he told reporters here on Monday. Five other ailing industries including Kurakunta Cement Company in Shaharabad, Kalaburagi will be revived, he added.
The workers from the industries that are being shut down are offered voluntary retirement scheme and National Savings Certificates. The properties of these industries will not be handed over to private parties, he clarified.
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