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Our Bureau

New Delhi May 21 Even as the Government considers revival packages for two shipyards — Hindustan Shipyard Ltd (HSL) and Hooghly Dock and Port Engineers Ltd (HDPEL) — a house panel has called for an early implementation of both the packages.

The two restructuring-cum-revival packages are at different levels of approval. The Rs 799.61 crore HSL package is awaiting a Cabinet approval, while the Rs 393.61-crore HDPEL package is being considered by the Board for Reconstruction of Public Sector Enterprises (BRPSE).

HSL PACKAGE

On the Visakhapatnam-based HSL, the Department-related Parliamentary Standing Committee noted that rehabilitation-cum-financial restructuring proposal of Rs 799.61 crore for the yard is under consideration of the Government. "The Committee has recommended expeditious clearance of the proposal for capital restructuring of the yard," it said.

Pointing out that HSL has an order book position of over Rs 2,000 crore and it is also pursuing other orders, the Department of Shipping informed the Committee that the Rs 799.61 crore package has been sent for the Cabinet approval.

The panel has also called upon the Government to clear the Department of Shipping's proposal allowing HSL to raise loan (of Rs 6-7 crore) to pay the long-pending retirement benefits of some employees who had opted for voluntary retirement when the company was sick. The Committee has also recommended the Government to grant an early approval for the Rs 393.61 crore-revival package of the Kolkata-based HDPEL. The Department of Shipping has proposed a waiver of the Government loan with interest liability to improve the financial health in the restructuring package. The company is expected to turn profitable with the proposed waiver of loan and interest rate, the Department submitted.

More Stories on : Shipping | Sick Units | PSU

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