Cabinet approves conversion of loan and financial assistance JKHPMC into fully paid up share capital

        SRINAGAR, OCTOBER 3: The Cabinet chaired by Chief Minister, Mehbooba Mufti today accorded sanction to the conversion of Government loans and financial assistance released from time to time by the Government to the Jammu & Kashmir Horticulture Produce Marketing Corporation (JKHPMC), amounting to Rs.77.39 Crore as on 31.03.2017, into fully paid-up Share Capital of the Corporation and conversion of interest part as well to the extent of Rs. 28.75 Crore, into equity Share Capital of the Corporation.     

        The decision has been taken to re-structure of the Corporation, improve its balance sheet, reduce dependence on the government loans and financial assistance, enabling the Corporation to secure loan from financial institutions for funding its business plans and to turn round the Corporation.