The Cabinet Committee on Economic Affairs (CCEA) has given its approval for the closure of operations of HMT Watches Ltd, HMT Chinar Watches Ltd and HMT Bearings Ltd.
To mitigate the hardships faced by the employees of these companies, the CCEA has given its nod to offer attractive Voluntary Retirement Scheme/Voluntary Separation Scheme (VSS) packages at 2007 pay scale.
The movable and immovable assets of the companies will be disposed of as per the government. policy, an official release said..
With a cash assistance of Rs. 427.48 crore, the three loss-making subsidiaries of HMT Ltd namely HMT Watches Ltd, HMT Chinar Watches Ltd, and HMT Bearings Ltd will attain closure after the separation of about a thousand employees through attractive VRS/VSS and settlement of their dues, the relelase added.
Four-laning of Nagina-Kashipur section
The CCEA has given its approval for the development of four-laning of the Nagina-Kashipur section of National Highway – 74 in Uttarakhand and Uttar Pradesh.
This work will be under the National Highways Development Project (NHDP) Phase-IV. The approval is in engineering, procurement and construction (EPC) basis. The project is covered in the region of Nagina and Kashipur in Uttarkhand and Uttar Pradesh.
The cost is estimated to be Rs.2,535.54 crore, including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road will be approximately 99 km.
The main objective of the project is to facilitate the improvement of infrastructure in Uttarakhand and Uttar Pradesh.
It will also help in reducing the time and cost of travel for traffic, particularly heavy traffic, plying on the Nagina-Kashipur sector.
The development of this stretch will also help in uplifting the socio-economic conditions of the regions concerned of the two States and would also increase the employment potential for local labourers for project activities, an official release said.