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Govt to offer attractive VRS

Govt to offer attractive VRS
Highlights

Finally, the government is all set to decide the fate of the terminally sick Hindustan Cables Ltd. According to Union Heavy Industries and Public Enterprises Minister Anant Geete, the cabinet is to take a final decision in the next two to three months.

HCL Shutdown

Hindustan Cables, set up in 1952 at Rupnarayanpur (WB), has units in West Bengal and Hyderabad producing Polythene Insulated Jelly Filled (PIJF) cables had not been in production since 2003, as there is no requirement of these cables in BSNL/MTNL

New Delhi : Finally, the government is all set to decide the fate of the terminally sick Hindustan Cables Ltd. According to Union Heavy Industries and Public Enterprises Minister Anant Geete, the cabinet is to take a final decision in the next two to three months.

However, she says that the government will offer ‘attractive VRS’ to its 1,500 employees. "We will close down Hindustan Cables after offering an attractive VRS package. We have sent the proposal to Cabinet. A decision is expected in 2-3 months," Union Heavy Industries and Public Enterprises Minister Anant Geete said.

The Cabinet had earlier approved closure of seven terminally sick public sector units, including Hindustan Cables, which have incurred a total loss of around Rs 3,139 crore over a period of time.

The ministry was tasked with firming up individual proposals entailing VRS related to the central public sector enterprises (CPSEs) falling under it, including Hindustan Cables. However, in between there were reports conveying that the Defence Minister had approved its takeover by Ordnance Factory Board.

The Board for Reconstruction of Public Sector Enterprises was supposed to take a call on it after taking into account views of all the ministries concerned.

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