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Hindustan Shipyard Limited takeover
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Visakhapatnam, May 25, 2007
Proposal not cleared, says T Subbi Rami Reddy
The Visakhapatnam MP N Janardhana Reddy's statement that the Cabinet had passed a resolution approving the takeover of Hindustan Shipyard Limited (HSL) by the Navy, the Union Minister of State for Mines, T Subbi Rami Reddy on Friday said that the proposal is not yet cleared.
In a press conference, he said that he have been constantly working on the the restructuring of HSL and as far as his knowledge goes, the Cabinet has not approved any such resolution. He said a high level committee headed by the Minister for External Affairs Pranab Mukharjee and and comprising senior officials from Ministries of Defence, External Affairs, Ports an Shipping and Finance was constituted to examine the feasibility of the restructuring the HSL either partly or in entirety.
The committee has not yet reached a consensus. It is still in the conceptual stage he said in the press conference.
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