The union cabinet has approved the implementation of the decision of the Cabinet Committee on Economic Affairs (CCEA) to close loss-making Tungabhadra Steel Products Limited (TSPL) and disposal of its immovable assets.
The cabinet approved the transfer of MMH Plants to government of Karnataka along with 20,000 square meter land. It also approved selling 82.37 acres of land of the company at Hospet to Karnataka government for use of the Karnataka State Housing Board. The land is being sold to Karnataka government at the rate of Rs66 lakh per acre.
The cabinet chaired by Prime Minister Narendra Modi also provides for getting the name of the company struck off the Registrar of Companies after offsetting the remaining liabilities of TSPL.
It may be recalled that CCEA had approved the closure of the company in December 2015 after discharging all dues to employees / workers and creditors.