India approves transfer of HEC land to the Jharkhand Government

NEW DELHI (INDIA): The Union Cabinet chaired by the Prime Minister of India Narendra Modi has given its approval for Monetisation of land not currently in use by Heavy Engineering Corporation (HEC) Limited, Ranchi, through transfer of 675.43 acres of HEC land to the Jharkhand Government.nnIt would help in raising Rs. 742.98 crore to HEC and the money would be utilised for liquidation of employee related statutory dues viz. Gratuity, PF, Leave encashment and other retirement benefits to the retired employees. The money will also help HEC to liquidate its Government dues, bankers’ dues and other immediate liabilities.nnThe transfer of land will also meet the requirements of Jharkhand Government for its Smart City project and other development projects in the State capital in the larger public interest.