Cabinet Approves Closure of Hindustan Fluorocarbons Ltd
In a meeting chaired by the Prime Minister of India, Narendra Modi on Wednesday, 22nd January 2020, the Union Cabinet Committee on Economic Affairs approved the closure of the Hindustan Fluorocarbons Ltd (HFL), in which as on Wednesday, the approval of closure only 88 employees were reported to be working. Since 2013-14, the company had registered losses, and as of 31st March 2019, the total loss accumulated was Rs 62.81 crore.
Hindustan Fluorocarbons Limited (HFL) is a subsidiary of Hindustan Organic Chemicals Ltd (HOCL), a Central Public Sector Enterprise (CPSE) under the Department of Chemicals and Petrochemicals. HFL was involved in the manufacture of Poly Tetra Fluoro Ethylene (PTFF) and Chloro Di Fluoro Methane. It has only one plant located at the Sangareddy District in Telangana.
HFL has only one revenue-earning product (HCFC-22) but it will be reduced in India from March 2020. As it will become completely non-viable, the Cabinet Committee on Economic Affairs, chaired by Prime Minister approved to shut down the operations of the plant and close the company.
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Month: Current Affairs - January, 2020