Government has appointed AF Ferguson & Co as the new global advisors for the sell off HCL and wants to invite expression of interest before end March 2002. The capital restructuring proposal includes conversion of non-plan ball of 4.40 billion rupees given for VRS into grant-in-aid and a non-plan grant of 1.15 billion rupees is also sought to meet expenses for separation of 1500 employees during next financial year. Conversion of outstanding Plan loan amounting to 715 million rupees into equity is also proposed. Waiver of outstanding interest on Plan loan amounting to nearly 200 million rupees.
NSTL
