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To monetise land, NBCC starts sale process for 5 sick PSUs’ assets
April 29, 2017
- After 3,000 workers in five sick PSUs were separated via VRS recently, the government on Wednesday commenced the process to monetize nearly 1,675 acres of land and some buildings belonging to these firms, which are being wound up.
- Besides meeting the cost of the VRS packages, the sale proceeds would be used to clear the statutory dues and debts of Hindustan Cable, Instrumentation, HMT Bearings, HMT watches and Tungabhadra Steel. The five PSUs are being shut down in a time-bound manner, as notified by the government on September 7, 2016.
- NBCC is expected to complete sales within six months.
- Unsold land parcels, if any, would be auctioned by the government or be used for affordable housing and other government programmes, official sources said.
