Government of India has approved
extension of a guarantee in favour of Hindustan Steelworks Construction
Ltd. (HSCL) to the tune of Rs.250 crore for raising funds from
the banks to effect VRS aimed at separating 5000 employees. Government
has also granted a financial assistance of Rs.89.44 crore to HSCL
to partially clear outstanding wages and statutory dues. Due to
acute financial crunch, payments to employees have been outstanding
in several units of HSCL.
This information was given
by the Minister for Steel Shri B.K.Tripathy in a written reply
in the Lok Sabha today.
