Richardson & Cruddas to come out of BIFR purview

Cabinet in principle approves strategic disinvestment of Nagpur and Chennai units of the company

GN Bureau | September 21, 2016


#Narendra Modi   #cabinet   #Richardson & Cruddas   #strategic disinvestment   #equity  

 The cabinet on Wednesday approved the conversion of government of India loan into equity and waiver of interest in respect of Richardson & Cruddas (1972) Ltd. 

In a meeting chaired by prime minister Narendra Modi, the cabinet approved the proposal of Department of Heavy Industry for enabling M/s Richardson & Cruddas (1972) Limited (R&C), a Central Public Sector Enterprise, to come out of purview of Board for Industrial and Financial Reconstruction (BIFR). 
 
For this purpose, the cabinet approved the conversion into equity of the government of India loan of Rs 101.78 crore given to the Company, along with the interest amounting to Rs 424.81 crore accrued on this loan.
 
The cabinet also approved, in principle, the strategic disinvestment of Nagpur and Chennai units of the company and shifting of operations from Mumbai land to other locations of company. However the company's land at Mumbai will be converted from lease hold to "Occupation Class II" so as to enable the company to identify the best use of this piece of land for optimal utilization as per government guidelines.
 

Comments

 

Other News

Surging oil prices worry India, says Pradhan in OPEC meet

Minister of petroleum and natural gas Dharmendra Pradhan has said the fragile world economic growth will be at threat if the crude oil prices continue to surge. He said surging oil prices are creating stress throughout the global economy and particularly to India.   He

KVIC gets Air India contract

Air India’s keenness to provide Khadi products to its flyers has helped the Khadi and Village Industries Commission (KVIC) bag an order of Rs 8 crore from the national carrier to supply Khadi amenity kits to its international passengers.  This is the third time that the KVIC has secured

“Blockchain allows individuals to monitor use of personal data”

Can you explain the concept of blockchain? How does it function? What kind of IT infrastructure is required for deploying it?  Blockchain is a system for maintaining distributed ledgers [‘distributed ledger technology’ or DLT] in a way that allows organisations whi

“Key milestones achieved in Assam”

In an interview with Governance Now, Anil Kumar Jha, special DGP, CID, Assam, who is also nodal officer for the CCTNS project, speaks of what the system in its present form has helped his state achieve. What is the current status of CCTNS in Assam and its outcome?

Crime tracking project: Bugged from the beginning

A stand-off between the ministry of home affairs (MHA) and software development firm Wipro seems to have long held up the Rs 2,000 crore crime and criminal tracking network and systems (CCTNS) project, conceptualised ten years ago. The project aims to digitise and connect all police stations in the country

Activists question displacement and dispossession of marginalised communities

Questioning the development model pushed ahead for profit oriented growth, social and political activists, academicians, financial analysts and civil society organisations are holding a three day confluence of Peoples’ Convention on Infrastructure Financing in Mumbai.     &nb

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter