ALSO READDiplomat, bureaucrats, ex-police chief among nine new faces to be in Modi government (Roundup) State polls to be fight between communalism and secularism: CM BJP's OBC commission pitch to counter Cong in Guj, Karnataka Amit Shah slams Karnataka govt; says it is "corrupt" Karnataka CM writes to PM Modi over disparity in allocation of SDRF
The Union Cabinet, chaired on Wednesday, approved the implementation of the Cabinet Committee on Economic Affairs' (CCEA) decision on the closure of Tungabhadra Steel Products Limited (TSPL) regarding disposal of its immovable assets.
The CCEA had approved the closure of the company in December 2015 after discharging all dues to employees/workers and creditors. The Cabinet then approved the transfer of metallurgical and material handling (MMH) plants to the Government of Karnataka, along with 20,000 square meter land.
The Cabinet also approved the sale of 82.37 acres of land of the company at Hospet to the Karnataka Government for utilisation by the Karnataka State Housing Board. The land is being sold to the state government at the rate of Rs. 66 lakh per acre offered by them.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)