Panel set up to bail out BHPV

The ministry of heavy industries and public enterprises has constituted a task force committee to bail out the loss-making public sector under taking Bharat Heavy Plate and Vessels (BHPV).

At present, BHPV losses accrued to around Rs 188 crore, which is more than 50 per cent of the company's equity.

In addition to this, the company is starving for orders and lack of sufficient working capital to complete the existing orders.

Recently, chief minister N Chandrababu Naidu requested the central government for an urgent revival package for BHPV.

In response to the CM's plea, a four-member task force committee was constituted to recommend a revival package for BHPV, and explore the business opportunities for utilising idle capacity in the area of machining, fabrication, site erection etc.

The task force committee comprises Satish C Gupta, the chairman and managing director of Bharat Yantra Nigam Limited, Shailendra N Roy, the managing director of BHPV, and members of Parliament K Yerramnaidu and G Srinivasa Rao. The first meeting of the committee will be held at Delhi on January 29.