The government today approved the transfer of 675.43 acres land belonging to Heavy Engineering Corporation Limited at Ranchi to the Jharkhand government, which will help the loss-making company raise Rs 742.98 crore.
The money raised will be utilised for liquidation of the firm's employee-related statutory dues.
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here.
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.
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