The government on Thursday approved the merger of Vishakhapatnam-based Bharat Heavy Plate & Vessels (BHPV) with state-run power equipment major Bharat Heavy Electricals Ltd.
‘The merger will facilitate Bharat Heavy Plat & Vessels (BHPV) to become a unit of Bhel. BHPV would be able to participate in tenders, obtain orders and attract best vendors for procuring materials or capital goods,’ according to an official release.
The proposal was approved by the Cabinet during its meeting held here on Thursday. BHPV, which is into engineering and heavy fabrication, was declared a sick entity by the Board for Industrial and Financial Reconstruction (BIFR) in October 2005.
Bhel took over BHPV as its 100 per cent subsidiary in 2008. ‘However, the company’s performance was not up to the mark as it remained a separate firm and could not derive the full benefits of synergy with Bhel,’ the release said. BHPV was set up in 1966.
Meanwhile, Finance Minister P Chidambaram on Thursday said the Cabinet may take up the Rs 11,200-crore Vodafone tax case next week. He had earlier said the Cabinet would take a final view on the case and other similar matters including global petroleum giant Shell, after taking into account the opinion of the A-G G E Vahanvati.
‘The merger will facilitate Bharat Heavy Plat & Vessels (BHPV) to become a unit of Bhel. BHPV would be able to participate in tenders, obtain orders and attract best vendors for procuring materials or capital goods,’ according to an official release.
The proposal was approved by the Cabinet during its meeting held here on Thursday. BHPV, which is into engineering and heavy fabrication, was declared a sick entity by the Board for Industrial and Financial Reconstruction (BIFR) in October 2005.
Bhel took over BHPV as its 100 per cent subsidiary in 2008. ‘However, the company’s performance was not up to the mark as it remained a separate firm and could not derive the full benefits of synergy with Bhel,’ the release said. BHPV was set up in 1966.
Meanwhile, Finance Minister P Chidambaram on Thursday said the Cabinet may take up the Rs 11,200-crore Vodafone tax case next week. He had earlier said the Cabinet would take a final view on the case and other similar matters including global petroleum giant Shell, after taking into account the opinion of the A-G G E Vahanvati.