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The Union Cabinet today gave its approval to provide an additional allocation of Rs. 47.35 crores for implementing the Rehabilitation Scheme of BIC, Kanpur for payment to the Government of UP to secure conversion of leasehold lands into freehold to be repaid in eight (8) quarterly installments.
This decision will enable BIC to sell these assets and generate resources for paying the secured creditors and for implementing the rehabilitation scheme sanctioned by BIFR.
The Union Cabinet also gave its approval for leasing the mills to Private partner(s).
Private partnership would infuse dynamism in the decision making and reduce the liability of Government for meeting the shortfall in wages and salaries, which amounts to Rs. 18 crore per year.
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