What is the status of revival of HCL ?

The promoter of the company, viz. Deptt. of Heavy Industry, Govt. of India is making all out effort to revive the company.

At present there are following two proposals for joint venture with the company:

A) Proposal for joint venture with Ordnance Factory Board (OFB):

OFB has shown keen interest to take all units of HCL. Accordingly Deptt. of Defence Prodn., Ministry of Defence constituted a committee with members from OFB, HCL and Deptt. of Heavy Industries (DHI) to examine the feasibility of merger of HCL with OFB. The committee has submitted its favourable report to Ministry of Defence for taking over of HCL. The matter is under consideration of Ministry of Defence and all our units are likely to be taken over by OFB. However, a firm decision on the matter is yet to be taken.

B) Proposal for joint venture with Rashtriya Ispat Nigam Ltd. (RINL) :

RINL has shown keen interest to take over the Hyderabad unit of HCL. Accordingly they have engaged consultant M/s M N Dastur & Co., Kolkata for techno economic feasibility study of a proposed integrated wire manufacturing unit and rolling mill at our premises at Hyderabad. The consultants have given favourable report. Moreover the proposal to take over the Hyderabad unit has been approved by RINL Board.