Hindustan Prefab Ltd to be revived
The Union Cabinet has approved the conversion of Hindustan Prefab Ltd (HPL)’s outstanding Government of India loan and interest thereon as on 31.03.2008 amounting to Rs128 core into equity thereby increasing the authorised capital of HPL from the existing Rs10 crore to Rs138 crore. With this approval, the accumulated losses will be set off against equity, and the Company is expected to emerge as a viable and profit making Central Public Sector Enterprises in the coming years.
It is also expected that the Company, while continuing with its existing activities, will also be in a position to re-start prefab manufacturing on its own, without seeking any financial assistance from the Government.
Initially set up in 1950 as Hindustan Housing Factory, to provide prefab houses for partition affected refugees, HPL now functions as a service oriented company offering project management services particularly in areas of Economically Weaker Section (EWS)/Low Income Group (LIG) Housing, North Eastern States, border areas, tribal areas etc.