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Steel Ministry to Transfer 49% HSCL Shareholding to Urban Affairs Ministry

Dec 22nd, 2017 10:02 am | By | Category: LATEST NEWS

NBCC
(THE NEWSMAN OF INDIA.COM)
Consequent upon taking over of Hindustan Steelworks Construction Limited (HSCL), a CPSE under the Ministry of Steel (MoS), Govt. of India, by NBCC (India) Ltd., A Navratna CPSE, under the Ministry of Housing & Urban Affairs (MoHUA), Govt. of India, the Steel Ministry shall transfer its 49% HSCL Shareholding to MoHUA. A Quadripartite Agreement to this effect has been signed among MoS, MoHUA, NBCC and HSCL today, facilitating NBCC to have complete control over financial, administrative and operating decisions of HSCL. The post transfer of 49% share to MoHUA, Board of HSCL shall be reconstituted whereby there would be re-designation of the post of CMD, HSCL as Managing Director and CMD of NBCC would be the Chairman on the Board of HSCL. In presence of Chaudhary Birender Singh, Hon’ble Union Minister of Steel and Dr. Hardeep Singh Puri,Union Minister of State (I/C), Ministry of Housing and Urban Affairs, the Agreement was signed by and among Dr. Aruna Sharma, Secretary (Steel),D.S. Mishra, Secretary (MoHUA), Dr.Anoop Kumar Mittal, CMD, NBCC and M. Bhaduri, CMD, HSCL in New Delhi,today. It may be recalled in this context that with the Cabinet approving the proposal for restructuring of HSCL in May 2016, NBCC (India) Ltd. acquired HSCL, as its Subsidiary by holding 51% of the Equity Shareholding in HSCL in April 2017. This initiative by the Govt. facilitated NBCC to add a new vertical to its business operation enriching the company’s portfolio further.

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