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Tamil Nadu
BHPV future hinges on ICRA report
Staff Reporter
VISAKHAPATNAM: ICRA - an independent investment and credit rating firm - will submit its report on the valuation of Bharat Heavy Plate and Vessels (BHPV) on Friday.
The report holds key to the future of BHPV. Exuding confidence on its takeover by Bharat Heavy Electricals Limited (BHEL) as a subsidiary in the near future, Union Minister of State for Heavy Industries and Public Enterprises Kanti Singh declined on Wednesday to specify a timeframe for putting BHPV back on revival path.
After a visit to the plant near Gajuwaka and interacting with the officers and employees, she told reporters that the UPA government was keen on BHPV’s takeover by BHEL. She said the valuation would be referred to the BHEL and the Cabinet for consideration.
The 1500-odd employees of the sick company greeted her in an impressive manner by highlighting their plea by sporting badges reading ‘espected madam, please consider our demand for early takeover by BHEL.’
Earlier, she had a meeting with Bharat Yantra Nigam Limited Chairman and Managing Director A.K. Jain and BHPV Managing Director Om Prakash.
Thanking the State Government for doling out sops like waiver of sales tax and giving the land under possession of BHPV as a gift deed, she said the Centre would be happy if the registration and stamp duty charges were waived as an exemplary gesture.
Ms. Singh accused the erstwhile NDA government of trying to privatise BHPV and said that S.N. Roy, an appointee of the previous regime, had served as Managing Director for two years and tried to make it bankrupt. She said in two years, he could get orders worth only Rs.20 crores.
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