ANNOUNCEMENT 02 Aug 2013In August 2013, the government of India announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
On 2 August 2013, the Indian Cabinet Committee on Economic Affairs extended the rehabilitation package for Hindustan Organic Chemicals Limited (HOCL). The company has received state aid packages since 2006.
The terms and conditions of the current aid are revised as follows:
- The redemption of shares to the Government of India (GOI) of INR 270 crores (appx. USD 43 million) is extended from 2011-12 to 2015-16.
- The government guarantee of INR 100 crores (appx. $16 million) is extended for a period of 5 years.