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Union Cabinet approves Closure of Hindustan Cables Limited

The Union Cabinet has given its approval for closure of Hindustan Cables Limited (HCL), Kolkata as per the provisions of Companies Act, 1956/2013 and other relevant Acts.

Besides, Cabinet also approved infusion of 4,777.05 crore rupees towards payment of salaries and conversion of loan into equity etc.

The employees of HCL will be offered attractive VRS/ VSS Package at notional 2007 pay scales. The assets of company will be disposed in terms of the guidelines of Department of Public Enterprises on time bound closure of sick or loss making CPSEs.

Background

  • HCL was established in the year 1952 with registered office located at Kolkata.
  • It was set up to cater to the needs of Government-owned telecom companies BSNL and MTNL for manufacture of telecom cables.
  • It had four manufacturing units at Rupnarainpur (West Bengal), Naini (Uttar Pradesh), Hyderabad (Telengana) and Narendrapur (West Bengal).
  • The company was not able to cope up with changing time as due to rapid change in telecommunication technology (wire-line to wireless) demand for telecom cables has been drastically reduced.

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India’s first facility to produce nickel launched by HCL in Jharkhand

India’s first facility to produce nickel was launched by the Hindustan Copper Limited (HCL) at its Indian Copper Complex (ICC) at Ghatshila in Jharkhand.

The new facility “Nickel, Copper and Acid Recovery Plant” will be first facility in India to produce nickel metal of London Metal Exchange (LME) grade from primary resource.

Key Facts

  • Initially, the capacity of the plant is poised to be 50 tonnes per annum, given the current production rate from the Surda mines.
  • However, the nickel output will be increased nearly eight times after the completion of mine expansion projects located at Ghatsila.
  • The plant will utilize eco-friendly technology and help check pollution and also eliminate use of lead, reduce liquid effluents and cut down solid waste by 75%.
  • It will also utilise less energy, provide a safe working environment and conserve natural resources, the statement added.
  • Significance: The annual demand for pure nickel in India is around 45,000 MT and country’s domestic market is totally dependent on import. Thus it will help to curb import dependence.

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Azim Premji, Shiv Nadar among world’s 20 richest tech czars: Forbes

Two Indian technology tycoons Azim Premji chairman of Wipro and Shiv Nadar founder of HCL bagged place in Top 20 on Forbes’ first ever list of ‘100 Richest People In Technology’.

As per the Forbes list of ‘top 100 richest people in technology’ Azim Premji with net worth of $17.4 billion ranked 13th followed by Shiv Nadar on the 14th spot with net worth $14.4 billion.

Two Indian-origin technology czars Romesh Wadhwani and Bharat Desai are also in the list, they were ranked 73rd and 82nd respectively.

Key Findings:

  • American billionaires dominate the list occupying 51 slots followed by Asia Tech barons, with 33 people hailing from that region.
  • Eight Europeans made to the list two from the Middle East and one from Latin America.
  • The world’s 100 richest tech billionaires are worth $842.9 billion.
  • The list spotted only seven women among them Laurene Powell Jobs, the widow of Apple’s late chief Steve Jobs was the wealthiest, with an estimated net worth of 21.4 billion dollars.

Top Billionaires

  • World’s richest Microsoft co-founder Bill Gates ranks number one among tech tycoons too with a net worth of $79.6 billion.
  • Oracle CEO Ellison ceded second spot with a net worth estimated at $50 billion.
  • Amazon.com founder Jeff Bezos ranked third with net worth of $47.8 billion.
  • Facebook co-founder Mark Zuckerberg ranked fourth with net worth of $41.2 billion.
  • Google co-founder Larry Page and Sergey Brin ranked fifth and sixth.
  • Alibaba chief Jack Ma spotted seventh.

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