Union Cabinet closes loss making PSU HMT Watches

Q.  Union Cabinet has approved closure of which prominent PSU?
- Published on 07 Jan 16

a. HMT Watches
b. HMT Chinar Watches
c. HMT Bearings
d. All 3 of the above

ANSWER: All 3 of the above
 
Union Cabinet on 6th January approved the closure of iconic HMT watches and offered VRS to employees as per 2007 pay scales. While two other unviable units of the PSU, HMT Chinar Watches and HMT Bearings are to be shut down and movable and immovable assets of these companies will be disposed of as per the government policy, an official statement said after the decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.The Cabinet also gave its nod to the closure formalities of five public sector units (PSUs) under the Heavy Industries Ministry including Tungabhadra Steel and Hindustan Cables for shutting down which the government had earlier given an in-principle approval.

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