The Union Cabinet on Wednesday approved the closure of Hindustan Cables Limited, Kolkata.
Addressing a press conference, Union HRD Minister Prakash Javadekar said, "Employees to be offered attractive VRS/VSS Package at notional 2007 pay scales and clearance of other outstanding liabilities. Total cash infusion would be Rs. 1309.90 crore, mon-cash infusion for conversion of loan into equity would Rs. 3467.15 crores."
There are 1,500 employees in the sick company. The Centre had decided to close CPSEs, including the Hindustan Cables Ltd, which were incurring losses over the last three years.
Set up in 1952 at Rupnarainpur in West Bengal, HCL has units in Hyderabad and in Uttar Pradesh's Allahabad.
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