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The Steel Ministry has prepared a financial restructuring plan to revive Hindustan Steelworks Construction Ltd (HSCL). As part of the plan, the Ministry wants HSCL's outstanding debts to the tune of Rs 500 crore to be converted into equity, officials said.
The financial restructuring plan is scheduled to be considered by the Committee of Secretaries on October 19. “Once the restructuring plan is approved, HSCL will emerge as a profit earning company and its net worth will become positive,” a Steel Ministry release said.
HSCL clocked a 50 per cent rise in turnover for the first half of 2011-12 at Rs 525 crore against a turnover of Rs 350 crore in 2010-11. The company earned operational profit of Rs 26 crore in the first half of fiscal 2012 as against Rs 21.70 crore in corresponding last period. The company booked orders worth Rs 1,186 crore in the first half of current fiscal surpassing the targets of Rs 810 crore.
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