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New Delhi Feb. 8 The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved a Rs 93-crore restructuring package for Mecon Ltd, a public sector company under the Ministry of Steel.

According to the plan a Rs 22-crore cash infusion has been permitted as equity during 2006-07 that includes payment of wage arrears, implementation of enterprise resource planning and payment for acquisition of office space.

The proposal includes cash infusion of another Rs 63 crore by way of 5 per cent non-cumulative redeemable preference share capital payable in five equal instalments commencing from 2010-12 for redemption of the Government guarantee bonds, payment of statutory dues and meeting wage arrears.

The package also includes continuance of 50 per cent interest subsidy, conversion of the Government loan into equity, conversion of outstanding interest into equity and also waiver of guarantee fee.

More Stories on : Restructuring | PSU | Policy

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