ANNOUNCEMENT 20 Sep 2013In September 2013, the government of India announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
On 20 September 2013, the Cabinet Commitee on Economic Affairs approved a grant of INR 182.43 crores (~ 30mn USD) to Heavy Engineering Corporation Limited (HEC) for meeting tax liabilities on capital gains.
HEC manufactures heavy machinery and equipments for steel plants, mining, mineral processing, crushers, cranes, casting and forging etc., machine tools for railway, defense and other strategic sectors, and executes turnkey projects in steel, cement, coal and other sectors.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.