NOVEL VRS FOR NTC PROPOSED
Article Abstract:
The government has proposed a novel voluntary retirement scheme (VRS) for the ailing mills of the National Textile Corporation (NTC). The Union textile ministry has proposed that the Rs2000 crore to be paid as VRS for workers in the over 66 mills of NTC which are being closed down should be deposited in a government bond and interest should be paid on a monthly basis. If the proposal is cleared, workers may get more money as interest than what they get as monthly salary. The ministry has also suggested another option, which is to pay half the VRS amount to the employees and the remaining in monthly installments. One of these proposals is expected to get cleared soon. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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RIL TO PREPAY 20% OF $1-BN OVERSEAS DEBT
Article Abstract:
Reliance Industries Ltd has decided to prepay 20 percent, amounting to $200 million, of its total foreign debt of about $1 billion. The company has filed an application for the same with the external commercial borrowings division of the finance ministry. This move will enable the company to reduce its interest burden and total dollar outflow. Sources say that the company will use internal resources and take help from a consortium of banks and financial institutions to retire 20 percent of its outstanding foreign debt. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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