Business Line reported that the Public Enterprise Selection Board has recommended Mr Moyukh Bhaduri as the new CMD of Hindustan Steelworks Construction Ltd.
Mr Bhaduri, who now holds the position of director finance at HSCL, was selected from among nine candidates on November 22nd.
According to HSCL sources, Mr Bhaduri is likely to take over early next year. He will take charge from Mr Malay Chatterjee, who was made CMD of KIOCL Ltd in July 2012. The Union Ministry of Steel, however, has asked Mr Chatterjee to carry on with additional charge till the new incumbent is appointed.
Meanwhile, the proposed financial re-structuring of public sector HSCL is still awaiting official approval. A meeting of the committee of secretaries, which was to deliberate this week on the package, did not take place.
The package, worked out in 2010, entails conversion of HSCL’s past loans non Plan loan of INR 513 crore and Plan loan of INR 67.62 crore and accumulated interest on it of INR 31.12 crore into equity. The proposal also provided for waiver of accumulated interest on non Plan loan.
Under the package, the Government was also to provide guarantee for HSCL’s previous borrowings from banks including SBI, Vijaya Bank and ICICI Bank. HSCL, under the package, has the obligation to repay the borrowed sum of INR 518 crore in 10 years from the time of the approval of the package.