Cabinet approves restructuring plan for Hindustan Organic Chemicals Ltd.

Cabinet approves restructuring plan for Hindustan Organic Chemicals Ltd.

India Blooms News Service | 17 May 2017

New Delhi, May 17 (IBNS): The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, on Wednesday approved a restructuring plan for Hindustan Organic Chemicals Ltd. (HOCL), a loss making and sick Central Public Sector Enterprise (CPSE) under the Department of Chemicals & Petrochemicals.

The company, having units at Rasayani (Maharashtra) and Kochi (Kerala), has been making continuous cash losses since 2011-12 resulting in acute shortage of working capital, read a government statement.

Most of its plants have remained shut down during the last few years. It could not pay regular salary and statutory dues to the employees since February, 2015.
 

Cabinet approves restructuring plan for Hindustan Organic Chemicals Ltd.

India Blooms News Service
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