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The Hindustan Machine Tools (HMT) and its subsidiaries have been asked to prepare revival plans to be submitted before the Board for Reconstruction of Public Sector Enterprises (BRPSE). The revival plans are under advanced stage of preparation.
The turnaround plan of HMT was approved by the Government in the year 2000. On the account of organisational restructuring, three new subsidiaries were created and the unviable units closed. Further, fresh infusion of equity and loan given to liquidate outstanding statutory dues, debt settlement and salary support. However, this turnaround plan could not make the company, HMT and its subsidiaries, profit yielding due to lack of technological upgradation and availability of sufficient working capital.
This information was given by the Minister of State for Heavy Industries and Public Enterprises, Shri Sontosh Mohan Dev in a written reply to a question in Rajya Sabha today.
MG: PM
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