The Centre decides to close down the terminally sick Hindustan Cables Limited which has incurred a total loss of around Rs. 3,139 Cr. over a period of time.
September 9, 2016
Due to heavy losses faced in recent times, the union cabinet minister has finally approved the decision to shut down Hindustan Cables Ltd. Minister of Heavy Industries and Public Enterprises, Anant Geete said that as per the proposal, the centre will offer attractive VRS before closure of the firm.
The HCL Township is home to 550 staffers who haven’t received their salary for the past 18-months. The company has incurred heavy loss of nearly Rs. 3,139 Crore. Also, the voluntary retirement packages will be based on 2007’s pay scale.
