Cabinet Approves Bharat Pumps Strategic Sale


New Delhi: The legislature on Wednesday endorsed key disinvestment and a Rs.111.59 crore budgetary help to Bharat Pumps and Compressors, Allahabad, as non-plan credit.The Cabinet Committee on Economic Affairs (CCEA) endorsed the proposition of the Department of Heavy Industry.

As indicated by an official proclamation, the CCEA additionally agreed an "on a fundamental level" endorsement for vital disinvestment of the organization.

The CCEA said the money related help will be utilized to clear statutory duty, for example, Provident Fund and Gratuity of resigned workers.

"The statutory dues such as Provident Fund and Gratuity of retired employees will be discharged and the outstanding dues of CISF (Central Industrial Security Force) will be cleared," the statement said. 

"It will motivate the employees and improve the performance of the company. This will put an end to further legal complications and penal action against the company."