Financial Daily from THE HINDU group of publications
Friday, Sep 06, 2002
Financial Daily from THE HINDU group of publications Friday, Sep 06, 2002 |
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Corporate
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Sick Units Industry & Economy - Fertilisers Cabinet okay to shut HFC, FCI units Our Bureau
NEW DELHI, Sept. 5 THE Union Cabinet today approved the recommendations of a Group of Ministers (GoM) to close down two units of Hindustan Fertiliser Corporation (HFC) and the Fertiliser Corporation of India, respectively. At its meeting here, the Cabinet agreed with the GoM's recommendation that the Barauni unit of HFC and the Sindhri unit of FCI be closed down. As per the decision taken, all the employees of the two units are to be given compensation under the voluntary separation scheme (VSS). The GoM had been constituted to examine the revival or restructuring of the two ailing PSU fertiliser units, HFC and FCI. As a measure of compensation, the Cabinet also decided that any future greenfield project on naphtha and LNG-based plant, Bihar will get the priority. The Cabinet also approved the proposal for implementing stage II of Parvati Hydroelectric project in Himachal Pradesh which is to be set up by NHPC at a cost of Rs 3,919.59 crore. This includes the interest during construction (IDC) amounting to Rs 811.84 core at December 2000 price levels.
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