Kolkata, Aug 05 (UNI) Hindustan Copper Limited (HCL), a Cenral PSU under the administrative control of the Union Ministry of Mines, has been conferred the ' Miniratna ' status.
Official sources informed here today that the PSU was conferred the status following fulfillment of the stipulated criteria laid down by the Centre.
'' Empowered by its miniratna status, the Board of Directors will now have the operational freedom to implement various strategic objectives to register growth,'' sources said adding the Board is now empowered to decide on incurrence of capital expenditure to the tune of Rs 500 crore on new projects, modernisation and purchase of equipment without referring to the Government for its approval.
The sources further informed that the HCL board will also have the power to enter mergers and acquisitions besides establishing joint ventures and subsidiaries in India up to 15 per cent of its net worth.
HCL has been posting profits for the last four financial years and its net worth now stands at Rs 700 crore. With a full redemption of its Government-guaranteed loans, the PSU is now a debt free company with no more dependence on budgetary support from the Union Government, sources maintained.
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