BIFR accepts Tata Steel's Rs 100 cr revival plan for INCAB
Press Trust of India / New Delhi Dec 09, 2009, 21:40 IST
Tata Steel today said the Board for Industrial and Financial Reconstruction (BIFR) has accepted its Rs 100-crore revival proposal for ailing cable manufacturer INCAB.
"Tata Steel had submitted Rs 98.7 crore revival proposal for INCAB, which has been accepted by BIFR over two parties -- RR Cable and Pegasus in the interest of the workers," Company spokesperson Prabhat Sharma told PTI.
INCAB was referred to BIFR in 1999, which declared it sick in 2000. Nearly 1400 employees of the sick company, which has two plants at Jamshedpur and Pune apart from several offices have not been getting their wages since then, sources said.
"BIFR has asked Tata Steel to prepare a fully tied-up DRS proposal for the company and submit within a time span of two-and-a-half months," a company statement said.
"The direction by BIFR in view of the unemployed workers of INCAB which has been lying closed for about 10 years now, causing immense hardship to the workers," the statement added.
It is with this view that Tata Steel has been considered as the best choice to take care of the workers and ensure their well being, the company said.
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