The Union Government has approved a revival plan for turning around Hindustan Copper Ltd. (HCL). The plan includes conversion of the company's non-plan loan of Rs 4.4 billion for VRS into grant-in-aid, translation of outstanding plan loan amounting to Rs 715 million into equity, waiver of outstanding interest on plan loan amounting to Rs 257.2 million, putting aside of the outstanding guarantee fee of Rs 67.5 million and sanctioning of an additional equity to keep the net worth positive. The Government has planned to provide an additional amount of Rs 1.3 billion as a grant to meet the expenses of separating about 3,000 more employees so as to bring down its manpower to the level of 6,000 from 9,161 as on date, according to a company release.
NSTL
