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

Tech firm, telcos prepare to enter 5G era

As the government is set to roll out the 5G spectrum auction, the network providers are also equipping 5th generation network-ready LTE technology.  According to the government, the technology would have an impact of more than $1 trillion on the Indian economy. It is also expected to transform educati

On a personal note: Rabbi Shergill

Punjabi singer, songwriter, and guitarist, Rabbi Shergill rose to fame in 2004 with his chartbuster song ‘Bullah Ki Jaana’ from his debut album ‘Rabbi’. Inspired by rock and Punjabi folk music, he uses Punjabi language to create acoustic rock-based ballads. His poetic and social

NALCO registers Rs 589 crore operating profit in Q3 of 2018-19 FY

National Aluminium Company Limited (NALCO), country’s leading manufacturer and exporter of alumina and aluminium, has posted an operating profit of Rs 589 crore in Q3 of 2018-19 FY, registering 80 percent growth over the same period of last year.   Net profit of the company

Many electronic companies still have no take-back system: Report

In 2016, 44.7 million tonnes of e-waste was generated globally which is expected to increase to 52.2 million tonnes in 2021. As of 2016, it was found out that India is the second and fifth highest generator (in Asia and globally respectively) of e-waste with 2 million tonnes. The mounting pile of e-waste h

India’s per capita power consumption likely to grow by two fold, says power minister

Union power minister RK Singh has said the per capita current power consumption of 1,200 units is expected to grow 2-3 times at par with the international consumption after every Indian gets access to electricity. Singh said the power sector is witnessing an increased demand which is further expect

Net profit of Rs 616 crore posted by SAIL in Q3 of 2018-19

SAIL has posted a profit (profit after tax) of Rs 616 crore in Q3 of 2018-19 FY. SAIL has managed to better its performance over the previous quarter as well by more than 11 percent when it stood at Rs 554 crore. The turnover for Q3 FY’19 improved by three percent over corresponding period of

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter