All the land assets owned by Hindustan Vegetable Oils Corp (HVOC) would be transferred to the Ministry of Housing and Urban Affairs, an official statement said on Thursday, announcing the approval by the Cabinet.

“In lieu of the transfer of the land assets of HVOC, complete liabilities of HVOC towards loans taken from the Government, including interest, would be written off. The Government shall also take care of all contingent liabilities of HVOC that may arise in future due to pending cases in various courts/tribunals/authorities,” the statement said.

It added that land owned by HVOC in seven cities were lying unused for several years and following the transfer, this land would be used for public purpose. “This will facilitate early winding up of HVOC, which is a sick PSU under liquidation,” it said.

The Cabinet also approved the signing and ratification of the Investment Cooperation and Facilitation Treaty (ICFT) between India and Brazil, which is intended to increase investment flows between the two countries. “It would help project India as a preferred Foreign Direct Investment (FDI) destination to all Brazilian investors,” the statement said.

The Cabinet has also given its nod to a memorandum of understanding (MoU) between India and Italy for cooperation in the fields of agriculture and phytosanitary issues. Under the agreement, the two countries would cooperate in the fields of phytosanitary issues, agricultural production and other sectors, including animal husbandry, agricultural research, food processing and other additional fields, a statement said.

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