Richardson & Cruddas to come out of BIFR purview -Governance Now

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

Green cities: A pathway to sustainability

As the world observes Earth Day on April 22, the imperative for sustainable urban development has never been more pressing. Urban areas contribute approximately 70% of global greenhouse gas (GHG) emissions (UN-Habitat Report, 2023). In India, the urban population is projected to reach 800 million by 2050 (

A unique way of looking at nature, at people, at life itself

Another Day in Landour: Looking Out from My Window By Ruskin Bond HarperCollins, 220 pages, Rs 399 Landour is a q

‘Better than the entire world’: Here’s the ‘India book’ for ages

The Undying Light: A Personal History of Independent India By Gopalkrishna Gandhi Aleph Books, 624 pages, Rs 999 Vet

Why the youth’s ‘affair’ with stock market is usually tragic

Nine out of 10 individual traders in the equity Futures and Options (F&O) segment have incurred net losses, according to a recent SEBI study. What’s even more striking is that a significant portion of these traders are young individuals – students, early professionals and first-time earners

Why recognizing unpaid work makes sense

Across the globe, unpaid domestic and caregiving work remains an unseen yet essential contributor to economic and social well-being. Women, in particular, dedicate significant hours to household tasks and caregiving, yet this labour remains excluded from Gross Domestic Product (GDP) calculations, leading t

News broadcast needs to reinvent, innovate: Sudhir Chaudhary

Popular news anchor and veteran journalist Sudhir Chaudhary says the news broadcast industry has not reinvented itself in the last 20 years, leading to news consumption gradually shifting to other platforms. Unlike social media influencers with millions of followers, there are no stars in the news industry