MACCL TO GET Rs5-CR PACKAGE
Article Abstract:
The government of Karnataka has decided to grant Rs5 crore to help the ailing Mysore Acetate & Chemicals Company Ltd of Mandya. The company plans to use the funds to pay off some of its debts in order to make it more attractive to buyers from the private sector. Sales of its real estate assets will help the company in financing its voluntary retirement scheme (VRS) proposal for its 585 odd employees. The VRS proposal will need an outlay of about Rs9 crore, which is to be paid over a 5-year period. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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MACL PROPOSES Rs10.6-CRORE VRS
Article Abstract:
The sick Mysore Acetate and Chemicals Company Limited (MACL) proposes to restructure itself. The proposal includes offering a voluntary retirement scheme, costing Rs10.6 crore, to over 560 of its employees. MACL needs about Rs16.60 crore for repaying its debts and prematurely retiring the employees. It is now incurring a salary expenditure of Rs40 lakh per month, which is being met through the sale of some of its remaining stocks. (ag)
Comment:
Proposes to restructure itself, which includes offering voluntary retirement scheme to over 560 of employees
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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