NEW DELHI, July 5: Metal Box India Ltd (Mbil), a sick company, will be submitting an updated revival package to the financial institutions, its chairman and managing director, Vinod Krishna has said.``An updated package would be submitted soon along with fresh loan and various reliefs needed by the company,'' Krishna told newspersons here yesterday.
Under the revised scheme, company proposes to start its four factories located at Mumbai (Devna), Chennai, Calcutta and Faridabad.
Presently MBIL is running its two units located at Mumbai and Mangalore.
Krishna said, as part of the package, promoters would be infusing around Rs 25 crore, out which Rs 15 crore would be in the form of equity and rest in unsecured debt.
Mbil has been suffering losses for over a decade and was referred to the Board for Industrial Financial and Reconstruction (BIFR) in 1988. A detailed rehabilitation package was submitted first in 1991-92 and again in 1996 but both the packages could not be worked out. ``Lot of pressurefrom unions have resulted in delay in the revival package,'' Krishna said. Mbil has reported a loss of Rs 6.51 crore for 18 months period ended September 1997 on sales of Rs 14.61 crore. It has accumulated losses of Rs 111.21 crore up to September 1997.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
