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Cabinet approves restructuring plan for Hindustan Organic Chemicals Ltd.

India Blooms News Service | | May 17, 2017, at 10:35 pm

#Cabinet # 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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