Financial Daily from THE HINDU group of publications
Wednesday, Jun 12, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jun 12, 2002 |
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Steel Corporate - Restructuring Government - Policy IISCO recast okayed Our Bureau
New Delhi, June 11 THE Cabinet Committee on Economic Affairs (CCEA) today approved a financial restructuring plan for Indian Iron & Steel Company (IISCO), a subsidiary of Steel Authority of India Ltd (SAIL). According to the plan, the Government will stand guarantee for funds raised from financial institutions (FIs) for the VRS package while the other details will be out later. The CCEA also approved a revival package for Bharat Refractories Ltd. According to the approved plan, a sum of Rs 55 crore will be given as non-Plan loan assistance to liquidate statutory dues and another Rs 90 crore as non-Plan loan for implementation of VRS as well as Rs 35 crore as equity to replace obsolete machinery. The financial restructuring package for Hindustan Copper Ltd has also been approved by the CCEA. The package includes conversion of non-Plan loan amounting to Rs 440 crore given for VRS into grant-in-aid, conversion of outstanding plan loan of Rs 71.50 crore into equity and a waiver of outstanding interest payable amounting to Rs 21.72 crore. The CCEA also fixed the minimum support package (MSP) for TD-5 Grade jute for 2002-03 at Rs 850 per quintal ex-Assam as against Rs 810 for the previous year. The Cabinet has also approved the Biological Diversity Bill 2000 after incorporating the recommendations of the Parliamentary Standing Committee.
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