April 24, 2024 07:04 (IST)
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Cabinet approves restructuring plan for Hindustan Organic Chemicals Ltd.
New Delhi, May 17 (IBNS): The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, on Wednesday approved a restructuring plan for Hindustan Organic Chemicals Ltd. (HOCL), a loss making and sick Central Public Sector Enterprise (CPSE) under the Department of Chemicals & Petrochemicals.
The company, having units at Rasayani (Maharashtra) and Kochi (Kerala), has been making continuous cash losses since 2011-12 resulting in acute shortage of working capital, read a government statement.
Most of its plants have remained shut down during the last few years. It could not pay regular salary and statutory dues to the employees since February, 2015.
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