Rs 4575 crore plan to revive five PSUs

Old-time blue chip PSUs - HMT Ltd, HMT Bearings, HMT Watches, newsprint maker NEPA, Nagaland Pulp and Paper will be revived through induction of funds by the government.

The proposals to revive these public sector units (PSUs) are under different stages of approval, according to a statement from the Department of Heavy Industry.

The maximum investment of Rs 1,292 crore has been planned for the NEPA Ltd, followed by HMT Watches - Rs 1,500 crore, HMT Ltd -Rs 992 crore and Nagaland Pulp and Paper Company -Rs 679 crore and HMT Bearings Rs 112 crore.

In the case of Scooters India Ltd (SIL), the government has changed its strategy from offering it for outright sale to reviving on its own. However, the investment requirement has not yet been disclosed for the company which was known for its Lambretta scooters.

"The Heavy Industries Ministry's approach ...Is to restructure/revive these PSUs to reduce the sick and loss-making units.

"Renowned consultants are being appointed through competitive bidding for formulation of appropriate revival plans/strategy to be adopted in restructuring these PSUs," the statement said.

Cement Corporation of India and Ranchi-based Heavy Engineering Corporation have already been revived with government assistance of Rs 1,716 crore and about Rs 1,400 crore respectively.