The Heavy  Industries Ministry is moving fast to close the once prestigeous PSUs HMT Watches and Hindustan Cables along With HMTBarings, HMT Chinar Watch, Hindustan .Photo Films, Hindustan Cables and Tungabhadra Steel.
According to the proposal, the Govt. will spend about Rs.1,100 crores for one time settlement of the dues of the employees who lose jobs when the PSUs are closed.
After sale, the assets of the companies, including land will be sold.
Of course, BJP Government is repaying its debts to the corporates for the huge election funds received.