Cabinet approves transfer of HEC's Ranchi land to Jharkhand government

New Delhi, March 31 : The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved monetisation of land not currently in use by Heavy Engineering Corporation (HEC), Ranchi, through transfer of 675.43 acres to the Jharkhand government.

"It would help in raising Rs 742.98 crore to HEC and the money would be utilised for liquidation of employee related statutory dues -- gratuity, provident fund, leave encashment and other retirement benefits to the retired employees. The money will also help HEC to liquidate its government dues, bankers' dues and other immediate liabilities," said a cabinet communique.

The transfer of land will also meet the requirements of Jharkhand government for its Smart City project and other development projects in Ranchi in the larger public interest, it said.