Date:08/08/2008 URL: http://www.thehindu.com/2008/08/08/stories/2008080856941600.htm

Business

HCL gets Miniratna status

Special Correspondent

KOLKATA: Hindustan Copper Ltd (HCL), a public sector undertaking under the Union Mines Ministry, has been conferred the status of Miniratna (Category-I) .The board of directors will now have operational freedom to implement various strategic objectives to pursue growth.

An erstwhile BIFR company, 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 outstanding Government-guaranteed loans amounting to Rs. 150 crore, the organisation is now a debt-free company.

The company is also no longer dependent on budgetary support from the Government. The HCL board has also been recast by inducting six independent directors, as per Securities and Exchange Board of India (SEBI) norms. After years of incurring losses, the company was restructured and put on a growth path by means of various strategic initiatives approved by the government.