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.

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