The government will revive the company by infusing Rs.90.38 crore as working capital and carry out financial restructuring of the Rs.111.58 crore debt of the company through waiver or debt conversion.
"The cabinet also approved the 2007 pay scales to the employees as per the department of public enterprises (DPE) guidelines and enhancement of superannuation age from 58 years to 60 years," an official statement said.
"The revival package will result in improvement in SIL's productivity through enhanced capacity utilisation and improvement in efficiency, thereby leading to improved sales and employment generation."