HEC may see positive net worth this fiscal |
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Kolkata: Ranchi-based Heavy Engineering Corporation (HEC) is hopeful of achieving positive net worth during this fiscal itself as the Centre and the State have agreed to submit affidavits to the Jharkhand High Court in July, committing themselves to implementation of the final part of the debt restructuring and capital infusion plans.
Talking to newspersons here on Friday, the Chairman and Managing Director of HEC, G.K. Pillai, pointed out that the first part of the financial restructuring helped wipe out the accumulated and restructure a large part of the debts. However, HEC was yet to pay Rs 1,000 crore of historical dues, mostly on account of electricity and other utility charges, to the Jharkhand Government.
Bailout deal
According to the restructuring mechanism mooted two years ago, HEC was to transfer to the State Government a large part of its township, including buildings, and return 2,000 acres out of 11,000 acres of leasehold area. (The township remains mostly unused as the size of HEC's workforce has dropped from 25,000 to 2,800 in a little more than a decade.) In return, the State Government would infuse Rs 250 crore into the company through a grant.
"After prolonged deliberations, the final draft of this transfer, unanimously agreed to by all three parties, is ready. We are hopeful that HEC, the Union Government and the Jharkhand Government will jointly submit an affidavit before the Jharkhand High Court as soon as the vacation ends in July for implementing it," Pillai said.
Handover
HEC has already handed over 17 administrative buildings to the State Government. One of the buildings functions as the Assembly. The Jharkhand Government, on its part, provided a grant of Rs 91 crore (out of the scheduled Rs 250 crore) in 2008-09.
HEC will now transfer 1,044 houses and 2,000 acres to the State Government. In return the State Government will provide the balance Rs 159 crore to the company.
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