Govt approves Rs 170 cr revival package for BPCL

New Delhi, May 16 (UNI) Seeking a long-term sustainability of BPCL, the Government has approved a revival package of Rs 170 crore through two of its navratna companies.

''To ensure its long-term sustainability, BPCL will be funded Rs 20 crore by BHEL and Rs 150 crore by ONGC,'' Heavy Industries and Public Enterprises Minister Sontosh Mohan Dev said during his current visit to Bharat Pumps and Compressors Ltd (BPCL).

The package also includes waiver of outstanding liabilities of Rs 150 crore and restructuring the Board of Directors by including professionals from BHEL, ONGC and EIL, a statement said here today.

Mr Dev, a part of the team jointly led by him and petroleum Minister Murli Deora, handed over a cheque of Rs 10 crore on behalf of BHEL to BPCL.

The team included Secretaries of the Ministries of Heavy Industries and Public Enterprises as well as Ministry of Petroleum and Natural Gas. Other members included CMDs of ONGC, BHEL and EIL.

Mr Deora has assured BPCL for all possible help.

UNI