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| Tata Steel offers Rs 100-cr revival package for Incab |
| Press Trust of India / New Delhi Jun 24, 2009, 19:56 IST |
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Tata Steel is learnt to have submitted a Rs 100-crore revival plan for cable manufacturer Incab, awaiting clearance from the Board for Industrial and Financial Reconstruction.
The BIFR, which had declared Incab sick in April 2000, has scheduled the hearing for July 2, after which the body for reviving companies is likely to consider the steel major's proposal.
"Tata Steel has submitted the package to BIFR. It will invest Rs 100 crore to revive the unit and make it fully operational," a source close to the development said.
Two other bidders are also in the fray to take over Incab. However, the Tatas, it is learnt, have the backing of the trade unions, which are keen on Incab's revival without further delay.
"We fully back Tata Steel's bid to take over the company. It was on our petition that the Delhi High Court had last month ordered Tata Steel along with the other two firms to submit revival proposals," Incab Industries Employees' Association President Rakeshwar Pandey told PTI.
Tata Steel is keen on entering the cable industry by taking over Incab, which has two plants, in Pune and Jamshedpur.
The interim management of Incab is, however, running the Pune unit at 40-45 per cent capacity while the Jharkhand unit is shut, Pandey added.
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