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Parliamentary committee to visit HSL
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Visakhapatnam, February 4, 2007Committee would assess performance of the ship yard
A High Level Parliamentary Committee is visiting the Hindustan Shipyard Limited (HSL) on Monday to assess the company's performance. The HSL Chairman and Managing Director Rear Admiral Ajit Tiwari and Trade unions are preparing to highlight the need to bale out the company from financial crisis. The HSL has been asking for infusion of working capital of Rs.1500 crores and help in wiping out accumulated losses of the Rs.11 crores.
The company has to replace obsolete machinery and technologies including it's vintage welding equipment apart from basic tools of operation. It maybe noted that while it takes 500 man-hours to cut a ton of steel in HSL, it takes only 10 man-hours to do so the same job in the international shipyards. The HSL is paying huge sums in the form of various duties imposed by the State and Central Governments and it is seeking concessions in this regard.
The CMD of HSL said that if the HSL has its revival package approved way back in 1997 but it is yet to materialize. If HSL and other Indian companies in the global shipping business, the impediments have to be removed. However, it may be noted that Rear Admiral Tiwari who assumed charge as CMD of HSL in February 2004 succeeded in bringing the company out of red but a lot more to be remains to be done.
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