ET reported that Indian government has initiated the process for obtaining parliament's approval for disinvesting majority stake, through a strategic partner, in ailing HMT Bearings Ltd.

Minister for heavy industries and public enterprises Mr Praful Patel informed the Lok Sabha that "Action in HMT Bearings has already been initiated for obtaining approval of parliament required for identification of the strategic partner involving majority disinvestment.”

During 2009-10, HMT Bearings' net loss stood at INR 15.31 crore. The company, which is located in Hyderabad, manufactures ball and roller bearings. It is a subsidiary of the government controlled HMT Ltd, which holds its 97% equity shares.

The number of employees in HMT Machine Tools units is 3,352 and in HMT Bearings unit is 80.

Further, the minister said that a revival package has already been sanctioned for HMT Machine Tools Ltd. The company has six units at Bangalore, Pinjore, Ajmer, Hyderabad, Andhra Pradesh and Kalamassery (Kerala)

(Sourced from ET)