The 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. Earlier in 2015, the Cabinet approved waiver of government of Rs 1,916.14 crore and the outstanding interest amount of Rs 7,163.35 crore have remained.
So now with the waiving off that outstanding amount, HFCL will facilitate de-registration 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.The Cabinet has also approved the transfer of 56 acres of ash dyke land of Barauni unit to Bihar State Power Generation Company Ltd (BSPGCL) to settle dues of HFCL for faster revival of the unit.
So let’s discuss some questions related to this post :
1. Name the corporation which has got the loan approval of over rs. 9,000 crore from the Union Cabinet ?
2. Expand the term HFCL, BIFR and BSPGCL .
Courtesy : Business Standard