Biecco Lawrie Limited to be shut down

Ministry of petroleum and natural gas has taken many measures for revival of the PSU for a long time but it could not succeeded

GN Bureau | October 15, 2018


#Biecco Lawrie   #petrol   #natural gas  

The government has agreed to shut down the Biecco Lawrie Limited (BLL), a central public sector enterprise with 67.33 per cent and 32.33 per cent equity share held by Oil Industry Development Board (OIDB) and the centre respectively.

 
As per the norms, voluntary retirement scheme/voluntary separation scheme will be given to the employees of the PSU.
 
The idling assets of BLL will be subsequently put into productive use after meeting all the liabilities in accordance with the centre’s guidelines.
 
Ministry of petroleum and natural gas has taken various steps for revival of the PSU for a long time but it could not succeeded in giving a new lease of life to it. The government says there was no possibility of revival of the company considering the competitive business environment as well as huge capital requirement. Continued loss has made further operations of the PSU not only unviable but also resulted in substantial distress to officials and staff due to uncertain future.
 

Comments

 

Other News

Covid-19: India crosses 1 crore tests milestone

India has achieved a significant milestone as the number of Covid-19 tests conducted in the country so far has crossed the 1 crore milestone. This signifies the importance accorded to widespread testing and the focussed ‘Test, Trace, Treat’ strategy with several follow-up measures taken in tand

“Practise ‘mental distancing’ to keep calm amid epidemic”

Half way through the year 2020, it has been a tough time all around the world: Covid-19 epidemic, loss of lives, economic hardships and also numerous other problems – natural disasters and political protests. Coming together, it all has mental health under immense strain. To discuss this and othe

Understanding immunity: How to boost it during Covid-19

In a first, the Department of Home Science, Sri Padmavati Mahila Visvavidayalam (Women’s University) Tirupati, Andhra Pradesh, recently organized an international webinar on “Nutrition and Immune System Support during COVID-19 Pandemic”. Speakers included eminent national and internationa

Covid-19: India’s recovery rate improves to 59.43%

Even as Unlock enters the second phase, the number of Covid-19 infections continues to rise to record levels and India remains No 4 in the worldwide list, yet there is glimmer of hope: its recovery rate is also rising in tandem. There are 1,27,864 recovered cases more than the active Covid-1

Coming soon at a station near you: private trains!

A long-debated idea is finally coming to fruition as the Indian railways has decided to join hands with the private sector, in running some train services to begin with. The ministry of railways has invited ‘request for qualifications’ (RFQ) for private participation for operatio

A place of local democracy in pandemic governance: The case of Mumbai

Democracy in India is now taken for a fact, with an unstated assumption that all our institutions are democratic and hence often our successes and more often failures are attributed to ‘democracy’. However, a key frontier where democracy remains a challenge is that of local governments and that



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter