The revival of Incab Industries Limited, closed for the past four years for want of a promoter, appear to be making little progress though creditors were reportedly talking to at least five prospective promoters, including one from UK, for restarting operations at cable plant. | |
| A Kolkata-based business group with operations at Kolkata, Hyderabad and Bokaro met the Incab Industries Employees' Association (IIEA) president Rakeshwar Pandey recently to convey to the workers his interest in reviving the company, The group was also looking into Incab's assets and liabilities. |
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| Incab was referred to the Board for Industrial and Financial Reconstruction (BIFR) in 1999. |
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| Its assets were valued at over Rs 200 crore, according to estimates, Pandey claimed. Incab would require at least Rs 50 crore to resume production, he added. |
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| Under the law, the group would have to submit its proposal to BIFR through the company's operating agent, State Bank of India. |
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| Earlier, A K Chakraborty of Adarsh Holdings had expressed interest in taking over Incab and his revival proposal was accepted by all the creditor financial institutions, BIFR and employees. His bid fell through after he failed to deposit Rs 5 crore with SBI as security deposit. |
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