The Union Cabinet today gave its in principle approval for formation of a Joint Venture of Hooghly Dock & Port Engineers Ltd.(HDPEL) with a private sector player selected through an open bidding process.
The Cabinet also approved write off of Government of India loan and interest amounting to Rs.628.86 crore as on 31st March, 2011 and Grants-in-aid of Rs.111.08 crore required for MAT liability on book profit and deemed income arising due to waiver of loan, interest etc,
It also approved Grants-in-Aid assistance of Rs.21crore for implementing VRS; Government of India Loan of Rs.16 crore for working capital and non-plan assistance for salaries & wages of employees & meeting Statutory Liabilities to be continued till the formation of Joint Venture.
An expenditure of approximately Rs.777 crore will be incurred towards this.
Apart from socio-economic impact, it ensures viability of the Company followed by revenue earnings to the Government of India.
Background
HDPEL, situated at Kolkata, one of the oldest shipyards in India was established in 1819 in private sector. Subsequently, Port Engineering Works owned and managed by M/s. Andrew Yule Co. Ltd., was merged with Hooghly Docking & Engineering Co. Ltd, in 1973. The Government of India nationalized the Company in 1984 through an Act of Parliament. The company has two units, one at Salkia and the other at Nazirgunge in Howrah District on the bank of the river Hooghly. HDPEL also has a ship-repair unit in Kidderpore for wet repairs. The Company has built more than 100 vessels for various Port Trusts, Andaman & Nicobar Administration, DGLL, Indian Navy, ONGC etc. It has also undertaken repairs of more than 400 vessels for various organizations.
No comments:
Post a Comment