Government announces revival package for Bharat Pumps

A Government of India team jointly led by the Union Minister of Heavy Industries and Public Enterprises (HIPE), Shri Sontosh Mohan Dev and Minister of Petroleum and Natural Gas (PNG), Shri Murli Deora visited Bharat Pumps & Compressors Ltd. in Naini, Allahabad today. The team included Secretaries of the Ministries of HIPE & PNG. Other members included CMDs of ONGC, BHEL & EIL.

Shri Sontosh Mohan Dev announced that a revival package for BPCL was approved by the Government to ensure its long-term sustainability including cash infusion of Rs.20 crore by BHEL and Rs. 150 crore by 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 & EIL.

Shri Murli Deora, Minister for Petroleum and Natural Gas enquired about the problems, if any, being faced by BPCL in respect of Petroleum Sector. Shri Deora assured that ONGC would provide the required advance against supplies to be made by BPCL, including advance payment for next years projected supplies if needed. He also announced that he would ask the other public enterprises in the Petroleum Sector to give purchase preference, as admissible, to source their equipment from BPCL, in line with ONGC. However, BPCL should ensure no diversion of these funds.

Shri Sontosh Mohan Dev handed over a cheque of Rs. 10 crore on behalf of BHEL to BPCL

Source : Press Information Bureau

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