Five public sector undertakings (PSUs) will be closed down by the government, including some of the best known state-run enterprises like HMT and Hindustan Shipyard, in the list of 65 sick PSUs. Replying to a question in the Lok Sabha, Heavy Industries Minister Anant Geete said, the five state-run organisations to be closed down include three HMT units whose brand of watches and tractors once ruled the market. The minister said, their employees were being offered a very good VRS package. However, he did not name the other PSUs which are slated to be closed down. Air India and MTNL, once market leaders in aviation and mobile telephony sectors respectively, were declared sick as per the criteria for a PSU to be declared as such, after they incurred losses worth 50 per cent or more of their average net worth during four preceding years. The Minister said there were 65 units in the list of sick PSUs as of March 31 last year.