Steel Minister Reviews Performance of HSCL
The Minister of Steel, Shri Beni Prasad Verma has reviewed the performance of Hindustan Steelworks Construction Ltd. (HSCL), a PSU under Ministry of Steel for the 1st Half of the year 2011-12 here today. The Minister exhorted HSCL to increase its business in the steel sector.
The CMD of HSCL, Shri Malay Chatterjeeinformed that the Company has achieved a turnover of Rs. 525 crores during 1st half of 2011-12 against a turnover of Rs. 350 crores during 2010-11. HSCL earned operational profit of Rs. 26 crores during the 1st half of financial year 2011-12 as against Rs. 21.70 crore during the same period in 2010-11. The company also achieved orders of Rs. 1186 crores during the 1st Half of 2011-12 surpassing the targets of Rs. 810 cores, the CMD added.
It was informed in the meeting that in order to revive the company its financial restructuring has been prepared which is scheduled to be considered by a Committee of Secretaries on 19th October 2011. Once the restructuring plan is approved HSCL will emerge as a profit earning company and its net worth will become positive.