HCC debt to be reduced by half

The Cabinet decision that requires government agencies to pay 75 per cent of arbitral awards will result in Hindustan Construction Company (HCC)’s debt being reduced by half. HCC, in a press statement, said the company has arbitration awards for over ₹3,200 crore and the company will get 75 per cent of this amount immediately. Similarly, claims worth around ₹5,000 crore are in the arbitration process. The decision will further help HCC to secure these awards within 12 months. HCC has a standalone debt of ₹4,900 crore.