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Cabinet approves closure of Tungabhadra Steel Products

Press Trust of India  |  New Delhi 

The Cabinet today approved the implementation of an earlier CCEA decision on closure of (TSPL) regarding disposal of its immovable assets, an official statement said.

The development also provides for getting the name of TSPL removed from the of Companies after setting balance liabilities of the company.

The CCEA had in December, 2015 approved the closure of the company after discharging all dues to employees and creditors.

TSPL was established in 1960 with equal equity participation of governments of Mysore and

The Cabinet, chaired by Modi, also cleared a proposal to transfer metallurgical and material handling plants to along with 20,000 square meter land.

"It also approved selling 82.37 acres of land of the company at to for use of the State Housing Board. The land is being sold to Karnataka at the rate of Rs 66 lakh per acre offered by them," the statement by Ministry of Heavy Industries and said.

TSPL is a successor to Work shops & (1948) of Tungabhadra Project, which was set up with an idea to undertake manufacture of gates and hoists required for spillways, sluices and canal gates of

The Centre invested 79 per cent of the shares and became a major shareholder, bringing the company under the administrative control of Ministry of Heavy Industry.

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

First Published: Wed, January 10 2018. 15:20 IST