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Financial Package For HMT Unit In Kerala Announced


The details are as follows:-

1) An amount of Rs. 75 crore as non-plan loan for working capital purposes.

2) Implementation of 1997 pay revision from the date of approval with one time relaxation of the Department of Public Enterprises (DPE) guidelines.

3) Provision of non-plan loan of Rs. 61.04 crore at seven percent interest per annum spread over two years [Rs. 29.34 crore for the first year (2014-15) and Rs.31.70 crore for the second year (2015-16) ] towards additional impact of implementation of 1997 pay revision.

4) Empowering the Board of the company to increase the age of retirement from 58 to 60 years to the extent of 10 percent of the employees retiring in any year in relaxation of DPE guidelines. Guidelines, in this regard, would be formulated.

5) Extension of time for a period of 5 years would be required for the utilisation of the unspent balance available with the company under technology acquisition and upgradation fund sanctioned during the earlier revival plan and extension of time for a period of three years forutilisation of unspent balance of Rs.2.63 crore for training and re-training.

6) Waiver of interest on Government of India loan for Rs.38.58 crore (calculated upto 31.3.2014).