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Top News

Revival of Hindustan Cables unit
New Delhi: July 24, 2003

Hindustan Cables Limited (HCL) established in 1952 has been regular supplier of telecom cables of Department of Telecom (DOT), Bharat Sanchar Nigam Ltd. (BSNL) and Mahanagar Telephone Nigam Ltd. (MTNL) as well as to Defence organisations.

HCL is competing with other cable manufacturers, in the open tenders invited by BSNL and MTNL.

The Union Government have taken a number of measures to help the company; including sanction of a package of assistance in 1999 which inter alia provided for two years reservation of orders of DOT/MTNL in favour of HCL. The Government have further approved the continuance of reservation of orders till disinvestment takes place in HCL.

HCL executed pending order of 40.27 lac crore kilo meter (LCKM) of Poly insulated Jelly filled (PIJF) cables during 2002-03.

Board for Industrial and Financial Restructuring (BIFR) has declared the company sick in its meeting held on 21.3.2003 and appointed State Bank of India (SBI) as the Operating Agency (OA). The BIFR has directed OA to undertake a techno economic viability study of the company.

This information was given in the Lok Sabha today by Shri Subodh Mohite, Minister of Heavy Industries and Public Enterprises in a written reply to a question by Shri Mahboob Zahedi.

Press Release by: PIB/SRK/CS.hipe.24.7.03
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