The government today approved transfer of land assets of sick public sector firm Hindustan Vegetable Oils Corporation (HVOC) to the Ministry of Housing and Urban Affairs for proper utilisation.
The land assets located in seven cities would be used for public purposes and transfer of these properties would facilitate early winding up of HVOC.
The Union Cabinet, chaired by Prime Minister Narendra Modi, has given approval for transfer of all land assets owned by HVOC to the Ministry of Housing and Urban Affairs (MoHUA) or its authorised agency for appropriate utilisation/disposal.
"In lieu of the transfer of the land assets of HVOC, complete liabilities of HVOC towards loans taken from the government including interest would be written off," an official statement said.
The government would take care of all contingent liabilities of HVOC that might arise in future due to pending cases in various courts/tribunals/authorities, it added.
"The land located in seven cities are lying unutilized for many years. The transfer of the properties to MoHUA would enable use of the land for public purpose. This will facilitate early winding up of HVOC, which is a sick PSU under liquidation," the statement said.
The Ministry of Housing and Urban Affairs had earlier announced plans to utilise the surplus land with PSUs for development of affordable homes.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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