State Cabinet gives nod
Hyderabad, April 11, 2007The Andhra Pradesh State Cabinet that met today under the leadership of the Chief Minister Dr. YS Rajasekhara Reddy gave its approval for the merger of the Visakhapatnam-based Bharat Heavy Plates and Vessels (BHPV) with Bharat Heavy Electricals Limited (BHEL). The loss making BHPV found it difficult to get new orders for a revival and situation soon made it difficult to make payments to its staff on a timely basis. The heavy vessels company was looking for a suitable partner for a long time now and this cabinet decision came as a good news for the 1700 member manpowered BHPV.
With this decision, the State Government will transfer the 393 acres of land held by the BHPV to BHEL. The cabinet also waived the Rs. 50-odd crores tax arrears that BHPV is needed to pay to BHEL.
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