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Nicco bags UN order for rebuilding Basra oil storage tanks
Kolkata, Nov 10: NICCO Corporation Limited has bagged orders under United Nations Aid Programme for reconstructing oil storage tanks at Basra in post-Saddam Iraq.
Valued at Euro 1.74 million (Rs 8.5 crore), the order will be executed within 270 days from the date of opening of LC, he said.
Kaul said that the turnkey projects division was spearheading the turnaround strategy for Nicco which had also got the approval for corporate debt restructuring (CDR) by the empowered group of CDR cell.
He said that the projects division was already executing
orders valued at Rs 280 crore, while Rs 123 crore was yet to
be executed by the company.
Commenting upon the CDR package, he said that the
monitoring committee had sanctioned interest funding from
the period August 2003 to March 2004, after which the company
will have to pay interest on loans taken from the banks and
financial institutions.
Bureau Report