Govt Plans to Sell 74% Stake in HMT Bearings

Resource from: CBCC Likes:2973

Jul 31,2009

The government is considering to offload up to 74% stake in HMT Bearings (HBL) and is also looking for joint venture partners in some other public sector enterprises (PSEs) in a bid to revive sick units. “The government has invited expression of interest for joint venture partner in Tungabhadra Steel Products, Triveni Structural, Nepa and Hindustan Cables, which may have an impact on government’s equity in these PSEs,” minister of state for heavy industry and public enterprises Arun Yadav said in reply to a query in Lok Sabha. “Disinvestment up to 74% equity in HMT (Bearing) is also under consideration of the government,” he added. HMT holds 97% stake in HBL, which was set up in 1964 and manufactures ball and roller bearings. The government has provided a funding of Rs 5,521.73 crore for 12 units, including HMT Bearings, Andrew Yule & Co, Bridge and Roof Co, Heavy Engineering Corporation and Braithwaite and Co. The department of heavy industry is also examining the possibility of revival of Nepa through the disinvestment route, Mr Yadav said. However, the government does not have any fixed target to revive sick units in the current Five Year Plan period or in the current financial year. So far, the department has submitted 27 loss-making PSE cases to the Board for Reconstruction of Public Enterprises (BRPSE), which has given its recommendations in all cases. Out of these 27 PSEs, the government has approved revival or restructuring for 15 PSEs and joint ventures or closure for four. “The profit making companies are being strengthened by providing greater autonomy and the loss making CPSEs are being considered for revival/closure,” Mr Yadav said.

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