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Government waives over Rs 9000-cr loans of HFCL

Government waives over Rs 9000-cr loans of HFCL
26 May 2016 Current Affairs: Union Cabinet has waived off loans worth more than Rs 9,079 crore owed by Hindustan Fertilizer Corporation Ltd (HFCL) as part of a financial restructuring package for the PSU. 

The Cabinet approved waiver of government loan of Rs 1,916.14 crore as on March 31, 2015 and the outstanding interest amount of Rs 7,163.35 crore as on same date.

The Cabinet also approved transfer of 56 acres of ash dyke land of Barauni unit to Bihar State Power Generation Company Ltd to settle dues of HFCL for faster revival of the unit. 

Waiving off the outstanding amount will facilitate de-registration of HFCL from Board for Industrial and Financial Reconstruction (BIFR) by making its net worth positive. It will clear the way for faster revival of Barauni unit of HFCL.

This unit will create 400 direct and 1,200 indirect employment opportunities. 

Barauni unit will also serve as anchor unit to Jagdishpur- Haldia gas pipeline being laid by Gas Authority of India Limited (GAIL), which is critical for development and growth of economy and infrastructure in eastern India. This unit was lying defunct since January 1999. 

There is no functional urea unit in the Eastern part of the country except for two small units at Namrup (Assam).


March 2017 Current affairs
23 MAR
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22 MAR
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21 MAR
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20 MAR
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18 MAR
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17 MAR
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February 2017 Current affairs
28 FEB
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27 FEB
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25 FEB
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24 FEB
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23 FEB
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS



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