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BIFR sanctions HMT rehabilitation scheme
The rehabilitation scheme of HMT Machine Tools Ltd has been sanctioned by the board for industrial and financial reconstruction (BIFR).
August 20, 2008
By gholea A
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The rehabilitation scheme of HMT Machine Tools Ltd has been sanctioned by the board for industrial and financial reconstruction (BIFR). The scheme is sanctioned for immediate implementation. The rehabilitation scheme is based on the revival plan of HMT Machine Tools approved by the Government of India during March 2007. It envisages funds infusion in the form of equity & preference shares, conversion of Government of India loans into equity and waiver of interest on the same. The rehabilitation scheme also envisages various concessions and relief from various stakeholders like banks, creditors, investors, statutory authorities etc, apart from the merger of Praga Tools Ltd, Hyderabad, another subsidiary of HMT Ltd, with this company effective from April 1,2007.
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