New Delhi: India's Department of Heavy Industry is negotiating with defense and steel ministries for acquisition of all the units of ailing Hindustan Cables Ltd (HCL), Minister for Heavy Industries and Public Enterprises Praful Patel informed Parliament.
"The matter has been taken up with the Ministry of Defense/Ordnance Factory Board (OFB) for takeover off all the units of HCL by the OFB and with the Ministry of Steel/ Rashtriya Ispat Nigam (RIL) for takeover of Hyderabad unit of HCL," Patel said.
As on fiscal ended March 31, 2011, the company had accumulated loss of Rs 42.55 billion, he said in a written reply to the Lok Sabha, the Lower House of the Indian Parliament.
Established in 1952, Hindustan Cables, a Government of India Undertaking under the Ministry of Heavy Industries and Public Enterprises, is a pioneer in the field of telecom cables in the country. The company's main products are jelly filled and fibre optic cables.