As we predicted some months back, the Government will be in its move in shutting down a bunch of losses making PSUs which also includes the state-run telecom MTNL. India has totally 251 PSUs amongst which 65 are reportedly put under the scanner for being the loss-making ones.
The five PSUs which will be closed down include HMT which was one of the early pioneers in manufacturing watches and tractors along with Air India the airline company which was sailing through the troubled skies from past couple of years reports moneycontrol.com.
When questioned about the employees welfare, Minister Anant Geete said that they will be offered a very good VRS package.
Air India and MTNL were the companies who were once leading in their sectors and recently were condemned by incurring losses in excess of 50% their average net worth. The Government has however not revealed the names of the other PSUs. MTNL which had boasted of a Rs 7820 crore in 2013-2014 had incurred losses of Rs 5321 and Rs 4109 in the previous years. All this sets us wondering if BSNL is next in line.