Govt plans 74% divestment in HMT Bearings

The government is planning to offload stake in HMT Bearings Ltd (HBL) and is scouting for joint venture partners in some other state-owned firms in a bid to revive sick units.

"Divestment up to 74 per cent equity in HMT (Bearing) is under consideration of the government," Minister of State for Heavy Industries and Public Enterprises Arun Yadav said in a written reply to a query in Lok Sabha.

HBL, set up in 1964, is 97 per cent held by HMT Ltd and makes ball and roller bearings.

On whether the government has any proposal to reduce its equity in other companies, Yadav said, "the government has invited expression of interest (EoI) for joint venture partner in Tungabhadra Steel Products Ltd, Triveni Structural Ltd, Nepa Ltd and Hindustan Cables Ltd, which may have an impact on government's equity in these PSEs."