India: The Government has prepared a revival scheme for the Cement Corporation of India.
The scheme, which was approved by the Government and ordered by the Board for Industrial & Financial Reconstruction (BIFR), envisages the expansion and modernisation of three operating units and the closure and sale of seven non-operating units.
Out of seven non-operating units, six units have been closed with effect from October 2008. The Adilabad unit could not be closed due to an interim order of the High Court of Andhra Pradesh for maintaining the status-quo. Action for the expansion and modernisation of the operating units was taken. However, the results of the entire scheme for revival of the CCI could not reach the desired level because of the non-sale of the assets of non-operating units of the company, which has caused a shortage of funds for the revival.