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. The company has signed the agreement with UN and was awaiting for opening of Letter of Credit (LC) with BNP Paribas for executing the order, the chairman and managing director of Nicco Corporation, Rajive Kaul, told.

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.

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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