October 07, 2008

Revival package for restructuring HSL under consideration

Mr TR Baalu union minister of shipping, road transport & highways recently said that a revival package in the form of rehabilitation cum financial restructuring of Hindustan Shipyard Limited is under active consideration of the government.

The said revival package is intended to turn around the yard so that it could compete in the global market and cash in on the global boom in shipbuilding and ship repair sector.

The state government of Andhra Pradesh has also emphasized on the need for such package for HSL. A group of ministers constituted in this regard, has considered it and made certain recommendations. A final proposal containing the recommendations of the GoM shall be placed for the approval of the competent authority.