HSCL TARGETS RS. 300 CRORE TURNOVER IN 2003-04

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Hindustan Steel Works Construction Ltd. (HSCL) has been making vigorous efforts to secure more and more orders in power, coal, petro-chemicals, highways and airports. It aims at achieving Rs. 300 crore turnover and Rs.325 crore order booking during the year 2003-04. The Plan outlay for the company for the year 2002-03 was Rs. 4 crore which has been enhanced to Rs.5 crore for this financial year.

A proposal was moved in June, 2001, for revival of the company. The proposal contained Non-Pan assistance to meet the outstanding salaries and wages and other statutory liabilities of the employees and Extension of Government of Indian guarantee for securing Rs.250 crore loan for separation of 5000 employees. Government of India has paid Rs. 89.44 crore to liquidate the liabilities towards salaries and wages and other statutory liabilities to the separated employees. Out of the planned separation of 5000 employees, 804 were released on VRS in July, 2002 and the company has taken steps to separate the rest of employees.