The Hindu Business Line : Chidambaram urged to clear HSL restructuring

THE Bharatiya Mazdoor Sangh (BMS) has urged the Union Government to clear the long-pending proposal for financial restructuring in the Hindusthan Shipyard Ltd (HSL) here and also extend the necessary budgetary support to the PSU in the coming Budget.

According to a press release issued by the Hindustan Shipyard Sramika Sangh, affiliated to the Bharatiya Mazdoor Sangh, the union representatives had met the Union Finance Minister, Mr P. Chidambaram, on Wednesday in New Delhi as a part of the customary pre-budgetary consultations conducted by the Minister. A representation was submitted to him.

The HSL, on the revival path, had secured enough work orders during the recent past, but it needed working capital and financial aid to execute them on time.

Inter-corporate loans had been arranged to the extent of Rs 30 crore during the past six months from the Visakhapatnam Port Trust (Rs 20 crore) and Kandla port (Rs 10 crore), but that would not be enough to bail it out, the union representative, Mr U. Patwardhan, told the Finance Minister.

Mr Chidambaram had assured the union representatives that the Union Government would take the necessary steps to help the HSL out of the crisis, according to the press release issued by Mr J. Appa Rao, the general secretary. He expressed the hope that the Finance Minister would sanction interim relief for the purpose.

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