GET Stock QuotesNews18 APP
News18 English
»
1-min read

Cabinet Approves Transfer of HMT Watches' Land to ISRO

The Union Cabinet, on Friday gave approval for the transfer of HMT Watches' land at Bengaluru and Tumkur measuring 208.35 acres to the Indian Space Research Organisation on payment of Rs 1,194.21 crore and applicable taxes and duties, a cabinet communique said.

PTI

Updated:March 31, 2017, 11:58 PM IST
facebookTwittergoogleskypewhatsapp
Cabinet Approves Transfer of HMT Watches' Land to ISRO
ISRO logo. (Photo: Reuters)
Loading...

New Delhi: The Union Cabinet, on Friday gave approval for the transfer of HMT Watches' land at Bengaluru and Tumkur measuring 208.35 acres to the Indian Space Research Organisation on payment of Rs 1,194.21 crore and applicable taxes and duties, a cabinet communique said.

The Cabinet, chaired by Prime Minister Narendra Modi, also approved transfer of Bangalore (Global Warehouse) land of HMT measuring one acre to Gas Authority of India Limited (GAIL) on payment of Rs 34.30 crore and applicable taxes and duties, an official statement said.

The proceeds from sale of land will be deposited by the company in government accounts against the loans and advances, after meeting the immediate liabilities and accounting for tax liabilities arising out of the transaction.

HMT Watches, a central public sector enterprise which was a pioneer in manufacturing watches, had to close its operations due to mounting losses with no scope for revival in the current competitive economic scenario. It was decided to be closed down in January, 2016 with offer of attractive voluntary retirement scheme to all its employees.

The sale/transfer of land to other central government entities -- ISRO and GAIL -- will free productive resources and ensure better utilisation of the scarce land resources in larger public interest, the communique said.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results