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

First coal rake flagged off from NTPC’s coal block in Hazaribagh

The first coal rake of NTPC’s Pakri-Barwadih coal mine at Hazaribagh was flagged-off by finance minister Arun Jaitley, Jharkhand chief minister Raghubar Das, union minister of state for power, coal, N&RE and mines Piyush Goyal, and minister of state for civil aviation Jayant Sinha, at Ranchi on

AIMIM to contest Pune civic polls for the first time

“Our corporator is missing,” reads a banner on a defunct lamppost in Shaniwar Peth – a densely populated area in Pune, the second largest city of Maharashtra after Mumbai. Many more sprang up in the nearby alleys, a couple of months before the municipal corporation polls on February 21.&n

How a PSU takes land for mining

On October 1 last year, Mehtab Alam Ansari, 30, who worked as a tailor in Delhi, had arrived in his village, Chepa Khurd in Barkagaon tehsil of Harazibagh district, to celebrate Eid with his family. That morning, he was nearing Dadi Kalan, a neighbouring village, to meet an acquaintance when he heard gunsh

Should Nathuram Godse`s statement in Gandhi assassination trial be disclosed?

Should Nathuram Godse`s statement in Gandhi assassination trial be disclosed?

Demonetisation: When cash played peek-a-boo

Post-demonetisation, cash did the Houdini vanishing trick at ATMs. With currency notes playing hide and seek, life was sheer misery. Things improved a bit, but the situation is back to square one. The ATMs are running dry, yet again. Rajiv Bajaj, scion of the family that makes hugely popular

Stories you must read over the weekend

  Tribals in the land of the legendary Birsa Munda in Jharkhand are fighting against the amendments of the Chotanagpur Tenancy Act (CNTA) and Santhal Pargana Tenancy Act (SPTA). These were hastily changed by the BJP government – first by an ordinance in June, and then, amendments i

Video

Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter