Assets of HMT Watches, Hindustan Cables, 6 other PSUs to be sold this fiscal

HMT Watches is among the non-core sector companies under the Ministry of Heavy Industries that are being shuttered (Image: hmtwatches.com)

The government is planning to sell off assets of eight shuttered companies under its control this fiscal as a part of an effort to disinvest and restructure several of such non-core sector firms, Live Mint has reported

The eight companies, under the heavy industries ministry, are HMT Watches, HMT Chinar Watches, HMT Bearings Ltd, Hindustan Cables, Tungabhadra Steel Products Ltd (TSPL), Bharat Pumps and Compressors, Scooters India, and the National Bicycle Corporation of India, the report said.

There are 24 companies under the control of the ministry and only 15 are operational. Among the rest, one is being revived and eight are shuttered.

Moneycontrol could not independently verify the report.

The transfer of land and other assets has already begun for Bharat Pumps and Compressors and Scooters India, which were closed by the government in 2020 following the repeated failure of efforts for strategic sales.

As per the heavy industries ministry, TSPL’s closure is also at an advanced stage, with most of the regulatory requirements already being met. At present, the government is proceeding with the disposal of immovable assets of Hindustan Cables, which it wanted shuttered in 2016.

The sole company being revived is Madhya Pradesh-based newsprint company NEPA, which stopped production in July 2016.