Cabinet Clears Package For Hind Copper

The Cabinet Committee on Economic Affairs (CCEA) today approved a financial restructuring package for Hindustan Copper Ltd and a proposal to revive Bharat Refractories Ltd. The total cost implication for the two packages is Rs 920 crore.

The Rs 640 crore financial restructuring of Hindustan Copper, which has been put up for disinvestment, consists of conversion of loans worth Rs 440 crore into grant-in-aid and conversion of outstanding-Plan loan of Rs 71.50 crore into equity to improve the net worth of the company. The Rs 440 crore non-Plan loan had been given for the company