Cabinet approves transfer of HVOC assets to Housing Ministry

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved transfer of all land assets owned by Hindustan Vegetable Oils Corporation (HVOC) to the Housing and Urban Affairs Ministry or its authorised agency for appropriate utilisation and disposal.

As per an official statement, the land located in seven cities lied unutilised for many years and transfer of the properties to the ministry would enable use of the land for public purpose.

"This will facilitate early winding up of HVOC, which is a sick PSU under liquidation," it said.

"In lieu of the transfer of the land assets of HVOC, complete liabilities of HVOC towards loans taken from the government including interest would be written off. The government shall also take care of all contingent liabilities of HVOC that may arise in future due to pending cases in various courts/tribunals/authorities," it said.

--IANS

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