CCEA nod for restructuring NPCC

New Delhi, Nov 23 (UNI) The government today approved a Rs 552.44 crore financial restructuring package for the ailing Nagaland Pulp and Paper Company Ltd (NPCC) a PSU under the Heavy Industries Ministry that would entail writing off of existing loans and interests accrued.

''With this the balance sheet of the company will improve'' Finance Minister P. Chidambaram said after the Cabinet Committee on Economic Affairs (CCEA) meeting here.

The rehabilitation package will be executed by the UTI bank while the management of the restructured company will be with the parent National Paper Coporation (NPC).

With this move NPCC will come out of the purview of BIFR and it will also generate an employment for 440.

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