The Centre on Thursday laid out a road map to revive the sick engineering PSU Bharat Bhari Udyog Nigam Limited (BBUNL) and its four subsidiaries through a process of financial restructuring and change in administrative control.
The Cabinet Committee on Economic Affairs allowed the takeover of Burn Standard Company and Braithwaite and Company by the Railways and handed over the refractory unit of Burn Standard at Salem in Tamil Nadu to SAIL and merged Braithwaite, Burn and Jessop Construction Company with BBUNL.
These transfers have been backed by a financial package involving an expenditure of Rs. 1,139.16 crore as non-financial assistance by waiving government loan and interest of Burn Standard and assistance of Rs. 14.50 crore to it.
The Centre has approved the conversion of two sets of Plan and non-Plan loans and zero rate debentures into equity.
