Friday, Apr 26 2024 | Time 06:22 Hrs(IST)
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India


Cabinet approves takeover of Hindustan Steel Works Construction Ltd by NBCC

New Delhi, May 25 (UNI) The Union Cabinet today gave its approval for financial restructuring of Hindustan Steel Works Construction Limited (HSCL) and its takeover by National Buildings Construction Corporation Limited (NBCC).
Under the proposal, non-plan loan and plan loan along with accumulated interest thereon and outstanding guarantee fee worth Rs 1502.2 crore will be converted into equity and equity capital of the company will be raised to that extent, an official statement said.
The paid up equity capital of the company will be of Rs 1619.3 crore. After writing off the accumulated losses of Rs 1585 crore, the equity and paid up capital of HSCL will be of Rs 34.3 crore.
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India slams US report on Human Rights; Terms it

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