In a bid to ease its cash flow position, public sector undertaking, Hindustan Copper Ltd (HCL) has decided to lease out its ground floor and first floor at its swank new headquarters in Kolkata to a third party.
HCL owns a five-storey building at an area little off the business heart of the city on Ashutosh Chowdhury Avenue. It intends to lease a total of 15,000 square feet in all, with 5,000 square feet on ground floor and 10,000 square feet on the first floor along with parking space to commercial offices.
The building, christened Tamra Bhavan, is large enough to accommodate employees relocated from the first floor to other floors while a portion of ground floor will be retained for reception and dispatch desks. Further, implementation of a voluntary retirement scheme has also released some space at the company headquarters.
Meanwhile, the Cabinet Committee on Disinvestment (CCD) has cleared a fresh proposal for divesting the entire 98.5 per cent government stake in HCL to strategic partner after undertaking major financial restructuring. It would also seek additional funds for financing a voluntary retirement scheme aimed at reducing its workforce from the present 9,500.
As part of the restructuring package, the government proposes to convert Rs 440-crore loan outstanding on account of VRS into either equity or grant along with fresh infusion of cash and loan waivers.
The bail-out package would also involve cash infusion to the tune of Rs 85 crore to keep the ailing company afloat, while another Rs 100 crore infusion is being sought for the next financial year.
Interest outstanding on loans to the extent of Rs 19 crore is to be waived.
Cabinet Committee on Disinvestment (CCD) had last year approved a fresh proposal to restructure the company while scrapping a decision to sell the company by hiving off two of its units.
