Cabinet approves transfer of HPIL’s administrative control

New Delhi, April 4 (IANS) The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the transfer of administrative control of Hemisphere Properties India Ltd(HPIL) to the Ministry of Housing and Urban Affairs.

According to an official statement, administrative control of HPIL, a PSU under the Department of Telecommunications (DoT), will be transferred to the ministry after infusion of equity.

"Infusion of equity amounting to Rs 700 crores into HPIL the company for acquisition of 70 crore cumulative redeemable preference shares of Rs 10 each at par on private placement basis and Rs 51 crore through secured loan from GOI...," it said.

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