PROPOSAL TO REVIVE IISCO
LOK SABHA
Government has approved
a proposal for revival of the Indian Iron & Steel Company
(IISCO). Implementation of this proposal has been initiated as
follows :
- Grant of Rs.186 crores for financing
the Voluntary Retirement Scheme (VRS) in Kulti Works as a
prelude to its closure has been given. Kulti Works is now
closed and 2,544 employees have been separated through VRS.
- Government Guarantees of Rs.431
crores (Rs.341 crores for Capital Expenditure + Rs.90 crores
for VRS) have been provided for raising money for financing
VRS in Burnpur Works and Collieries & Mines as well as
for Capital expenditure in these units. Funds amounting to
Rs. 64 crores have been raised against the Government Guarantee
provided so far.
- Steel Development Fund (SDF)
loan of Rs.44.68 crores (including interest) and Joint Plant
Committee (JPC) dues of Rs.18.49 crores have been waived.
During April-September
2003, Indian Iron & Steel Company (IISCO) has incurred a net
loss of Rs. 43 crores as compared to Rs.100 crores during the
same period of last year.
This information
was given by the Minister of Steel, Shri Braja Kishore Tripathy
in a written reply to the question of Dr. Nitish Sengupta in Lok
Sabha today.
