2nd May, 2002
Ministry of Steel


Government of India has approved extension of a guarantee in favour of Hindustan Steelworks Construction Ltd. (HSCL) to the tune of Rs.250 crore for raising funds from the banks to effect VRS aimed at separating 5000 employees. Government has also granted a financial assistance of Rs.89.44 crore to HSCL to partially clear outstanding wages and statutory dues. Due to acute financial crunch, payments to employees have been outstanding in several units of HSCL.

This information was given by the Minister for Steel Shri B.K.Tripathy in a written reply in the Lok Sabha today.

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