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Cabinet backs CCEA's decision on closure of Tungabhadra Steel

ANI  |  New Delhi [India] 

The Union Cabinet, chaired on Wednesday, approved the implementation of the Cabinet Committee on Economic Affairs' (CCEA) decision on the closure of (TSPL) regarding disposal of its immovable assets.

Headed by Modi, it also provided for getting the name of the company struck off from the of Companies after setting balance liabilities of TSPL.

The CCEA had approved the closure of the company in December 2015 after discharging all dues to employees/workers and creditors. The Cabinet then approved the transfer of metallurgical and material handling (MMH) plants to the of Karnataka, along with 20,000 square meter land.

The Cabinet also approved the sale of 82.37 acres of land of the company at Hospet to the for utilisation by the State Housing Board. The land is being sold to the state at the rate of Rs. 66 lakh per acre offered by them.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 14:35 IST