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NGEF to make Rs 30-cr retirement settlement

Our Bureau

Bangalore , Oct. 1

NGEF, the defunct state enterprise, will shortly make a one-time settlement of Rs 30.06 crore to 1,500 of its employees.

The Karnataka Government has released the amount, the company Chairman, Mr V. Shankar, told a news conference here today. The settlement will amount to just over Rs 2 lakh to each of the 1,500 employees who opted for 80 per cent monthly voluntary retirement compensation.

The ailing NGEF, a BIFR case, ceased operations on December 20 last year. The Karnataka High Court has begun the liquidation process.

NGEF holds 173 acres of prime land in the city besides plant and machinery, valued at Rs 50 crore. Its Hubli unit is currently making a small profit of Rs 8 lakh. These and the assets of its Hubli unit would be sold after receiving the court verdict, Mr Shankar said.

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