The Centre today approved the closure of a corporation involved in developing and managing forestry plantations in the Andaman and Nicobar Islands.
"The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the closure of the Andaman and Nicobar Islands Forest and Plantation Development Corporation Limited, Port Blair, a central government undertaking, and discharging the liabilities of all the employees," an official statement said.
The closure would help stop unproductive loans to ANIFPDCL in Port Blair from the Government of India and would enable the more productive utilisation of assets, the statement said.
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At present, the corporation has 836 employees.
The closure would be done by infusing funds of Rs 125.72 crore through budgetary support from the Government of India for funding VSS of all employees on 2007 notional pay scales and for discharging other liabilities, the statement said.
There will be a write-off of government loans of Rs. 186.
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