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Friday, Oct 06, 2006

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Cabinet okays revival package for ECL

Our Bureau

New Delhi , Oct. 5

The Cabinet Committee on Economic Affairs (CCEA) has cleared a rehabilitation package for Eastern Coalfields Ltd (ECL) — a wholly owned subsidiary of Coal India Ltd (CIL). Briefing media persons, the Union Finance Minister, Mr P. Chidambaram, said the plan also involves investment of Rs 2,956 crore by the company from 2003-04 to 2012-13 and this along with the waivers would bring ECL back in black.

The package cleared today is based on the recommendations of the Board for Reconstruction of Public Sector Enterprises (BRPSE). Despite the revival package, ECL would be paying arrears of its employees under the seventh National Coal Wage Agreement in three instalments by March 2007.

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