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Govt okays HOCL, HAL, CCI revival packages
Our Bureau
New Delhi
,
March 10
The Government has cleared the revival packages for three loss making PSUs, Hindustan Organic Chemicals Ltd (HOCL), Hindustan Antibiotics Ltd (HAL) and Cement Corporation of India (CCI).
"The Cabinet Committee on Economic Affairs (CCEA) gave the final approval for the revival package of HOCL and Hindustan Antibiotics Ltd (HAL)," the Union Minister for Information and Broadcasting, Mr Priya Ranjan Dasmunsi, said here adding that the Cabinet cleared the revival package for CCI.
To HOCL, the Government will provide Rs 75 crore equity for payment of VRS and Rs 175 crore fund in the form of 8 per cent bonds. It will also waive off penal interest up to March 2005 and continue the Government Guarantee of Rs 100 crore for the full 10-year term up to December 2011.
Meanwhile, CCI was given an interest waiver of Rs 886.22 crore, conversion of Government loan of Rs 355.43 crore into 0.01 per cent redeemable preference share capital scaling down the equity and waiver of unpaid Government guarantee fee of Rs 10.6 crore on the past loan.
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