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About Hindustan Vegetable Oils Corporation Limited (HVOC)

HVOC, a fully-owned Govt. Company, was formed in 1984 with merger of two nationalized companies namely Ganesh Flour Mills and Amritsar Oils Works. The Company was engaged in the business of manufacturing of Vanaspati, refining & packing of imported edible oil for PDS and manufacturing of breakfast cereal. The Company had its manufacturing and refining units at Delhi, Kanpur, Amritsar, Mumbai and Kolkata and packing units at Bangalore and Chennai.

Due to erosion of net worth as a result of continued losses, the company was referred to BIFR and declared sick in 1999. The company is now under liquidation under the supervision of the High Court of Delhi.

Most of the employees had accepted voluntary separation scheme in 2001. Consequently, all the units except Breakfast Foods Unit (BFFU) located in Delhi were closed in the year 2001. The Breakfast Food Unit (BFFU) of HVOC discontinued its operation from June, 2011. After approval of the Government, HVOC introduced an Improved Voluntary Retirement Scheme on 16.08.2016 for the remaining 83 employees of HVOC and all of them opted for the same. Thus, the company does not have any employee on its roll at present. Residual activites are being managed through some ex-employees engaged on contract.

The Liquidater has disposed off movable assets at six closed units, viz. Chennai, Bengaluru, Mumbai, Kanpur, Amritsar and Delhi. Disposal at one place (Kolkata) is pending due to a stay by the High Court of Calcutta.

All the landed assets have been handed over to Ministry of Housing & Urban Affairs during 19.02.2018 to 03.04.2018.

Ministry of Finance, Department of Economic Affairs has vide OM No.16(5)/P&A/2017 dated 08.01.2018 intimated waiver of principal and interest accrued for all loans taken by HVOC from the Government in the past.

Residual activities involve mainly sub-judice claim and HVOC is fighting 25 court cases in various cities.

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