The Cabinet today approved the transfer of 675.43 acres land at Ranchi by Heavy Engineering Corporation (HEC) to the Jharkhand government, which will help the loss-making firm raise Rs 742.98 crore.
"The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for monetisation of land not currently in use by HEC, Ranchi, through transfer of 675.43 acres of HEC land to the Jharkhand government," an official statement said.
According to the statement, it would help in raising Rs 742.98 crore to HEC and the money would be utilised for liquidation of employee related statutory dues -- Gratuity, PF, leave encashment and other retirement benefits to the employees.
The money will also help HEC to liquidate its government dues, bankers' dues and other immediate liabilities, it said.
The transfer of land will also meet the requirements of Jharkhand government for its Smart City project and other development projects in the State capital in the larger public interest.
Disclaimer: No Business Standard Journalist was involved in creation of this content
