NEW DELHI: The Union Heavy Industries Minister, Santosh Mohan Dev, and Petroleum and Natural Gas Minister, Murli Deora, on Wednesday announced that a revival package for Bharat Pumps and Compressors Limited (BPCL) had been approved by the Government to ensure its long-term sustainability.
Mr. Deora, who long with Mr. Dev visited the company at Allahabad on Wednesday, said that the cash infusion in the company included Rs. 20 crore by Bharat Heavy Electricals Limited (BHEL) and Rs. 150 crore by Oil and Natural Gas Corporation (ONGC). The package also includes waiver of outstanding liabilities of Rs. 150 crore and restructuring of the board of directors by including professionals from BHEL, ONGC and Engineers India Limited (EIL). Mr. Deora also enquired about the problems, if any, being faced by BPCL in respect of the petroleum sector.
The Petroleum Minister said ONGC would provide the required advance against supplies to be made by BPCL, including advance payment for next year's projected supplies, if needed.