Union Cabinet Committee
12-April, 2012 15:31 IST
Freezing of interest on non-plan loan sanctioned to Cement Corporation of India Limited and enhancement in the age of retirement of all Board and below Board level employees.
The Union Cabinet today approved the freezing of interest on non-plan loan of Rs.128.62 crore sanctioned to Cement Corporation of India Limited (CCI) at the level it was on 31.3.2011 (Rs.123.85 crore) and deferment of its payment till completion of sale process of closed units by the company and enhancement in the age of retirement of all Board and below Board level employees of CCI from 58 to 60 years.
The freezing and deferment of payment of interest will unlock the financial resources of the company to implement the modernization of existing operating plants and up scaling the existing capacities without waiting for the financial resources to be generated through sale proceeds of the closed units. With the enhancement in the age of retirement, experienced manpower will be retained in the company for two years which in turn help in successful implementation of the scheme sanctioned for revival of the company.