Roadmap to revive CCI approved

The Centre, on Thursday, approved the roadmap to help revive the Cement Corporation of India (CCI) and sell its closed units which included freezing and deferment of payment of interest and enhancing the retirement age of employees. The CCI will not be required to pay the interest of Rs.128.62 crore on the non-Plan loan of Rs.123.85 it had availed as of March 31, 2011. The deferment has been granted till the sale process of its closed units was completed. The move will unlock financial resources to implement modernisation of operating plants and increasing their capacities without having to generate finances from the sale proceeds of the closed units. The retirement age of all board members and employees has been increased from 58 to 60 to retain experienced hands to help implement the approved programme for the revival of the company. Keywords: Cement Corporation of India, CCI turnaround