BHEL to take over BHVV

New Delhi, Nov 26 (UNI) The Union Cabinet today approved the proposal for the takeover of Bharat Heavy Plate and Vessels Ltd (BHPV), Vishakhapatnam, by Bharat Heavy Electricals Ltd (BHEL) as a subsidiary.

The authorised capital of BHPV has been increased to Rs 70 crore of which BHEL will subscribe Rs 34 crore as equity, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after the Cabinet meeting.

The Government also waived and wrote off loans and interest of BHPV amounting to Rs 414.95 crore up to March 31, 2007.

The Government will also settle all outstanding liabilities of BHPV amounting to Rs 263.97 crore.

UNI