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NBCC gets board approval to takeover HSCL
NEW DELHI. March 21 , 2016
National Buildings Construction Corporation (NBCC) said its board has approved a takeover of Kolkata-based public sector unit (PSU) Hindustan Steelworks Construction Ltd (HSCL).
Initially, HSCL will operate as a subsidiary of NBCC and eventually it will be merged with the navratna firm. HSCL also has an order book of Rs 8,000 crore which could be handled by NBCC, a source said.
"the Board of Directors of NBCC have accorded in-principle approval for the takeover of HSCL after restructuring its balance sheet inter alia involving waiver of government loans with interest up to the date of takeover and providing further contribution for contingent liabilities and payment of other liabilities including bank loans," NBCC said in a regulatory filing. DNA
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