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

Paediatricians call for junking unhealthy food

As children are consuming more and more fast foods and sweetened beverages are becoming, leading to obesity and related non-communicable diseases (NCDs), the Indian Academy of Pediatrics (IAP) has come out with guidelines on such substances. The dietary guidelines under its nutrition chapter

Modi’s forward-looking I-Day speech lays down 5-year agenda

Contrast prime minister Narendra Modi’s first Independence Day speech in 2014 with his latest, the first in the second term, and you know the difference. His first speech was less about future and much about the basic needs like Swachch Bharat (clean India). His speech on Thursday, on the other hand,

Better cities require active citizen engagement

With Mumbai city battling myriad civic issues and annual flooding year after year, stakeholders and experts came together to discuss ways of dealing with these issues as community work. The discussion was held at the TEDxVersova Salon- Vibrant Civic Participation, an independent TED event organized by the

Independence Day: PM underlines new beginnings

Addressing the nation from the ramparts of the Red Fort for the first in his second term, prime minister Narendra Modi highlighted the new beginnings his government has made in recent days, and underlined the hopes of a new India in the making. “Things that could not happen in the past

Kashmir decision “sole prerogative of the country”

India has told China that the legislation changing the status of Jammu and Kashmir was “an internal matter. External affairs minister S Jaishankar, visiting China Monday, told foreign minister Wang Yi that the legislative measures were aimed at promoting better governance and socio-ec

To fight climate change, pay attention also to land

When considering climate change, one of the greatest threats before the humanity, discussions usually focus on air and water, but land too is affected by and in turn affects global warming as much as those two elements. A new report from the Intergovernmental Panel on Climate Change (IPCC), out early Augus



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter