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

Sowing wheat earlier can help increase yields in India: US researcher

Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher.   Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie

Giving birth as a Baiga

Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p

Being the prime minister’s brother

Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b

Should ration cards not linked to Aadhaar be rendered ineligible?

Should ration cards not linked to Aadhaar be rendered ineligible?

INS Kiltan commissioned into Indian Navy

 INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam.    The anti-submarine warfare stealth corvet

SAIL`s special grade steel used to build stealth corvette

Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy.    SAIL’s integ



Video

Grand Diwali celebrations in Ayodhaya on eve of diwali

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter