CCEA may look at fin recast for Mineral corp
The Cabinet Committee of Economic Affairs (CCEA) is likely to consider the financial restructuring package for Mineral Exploration Corporation.
By Agencies |
NEW DELHI: The Cabinet Committee of Economic Affairs (CCEA) is likely to consider the financial restructuring package for Mineral Exploration Corporation (MECL) at its next meeting. ���The proposal to restructure finances of MECL has already been approved by the board for reconstruction of public enterprises. It now needs the nod of the CCEA. It would come up during the next meeting of CCEA,��� sources told agencies.
The company, which was carved out of Geological Survey of India in 1972, is seeking writing-off of government loans to the tune of Rs 30.8 crore and waiver of interest that has grown to Rs 51.6 crore.
MECL is also seeking conversion of non-plan loan of Rs 15 crores into grant, writing off of penal interest and Rs 70 crores for funding another round of voluntary retirement scheme. The package, if approved, will help the PSU under the ministry of mines to come out of the red.
The company, which was carved out of Geological Survey of India in 1972, is seeking writing-off of government loans to the tune of Rs 30.8 crore and waiver of interest that has grown to Rs 51.6 crore.
MECL is also seeking conversion of non-plan loan of Rs 15 crores into grant, writing off of penal interest and Rs 70 crores for funding another round of voluntary retirement scheme. The package, if approved, will help the PSU under the ministry of mines to come out of the red.
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