Bharat Pumps Strategic Sale Approved By Cabinet
The government on Wednesday approved strategic disinvestment and a Rs 111.Fifty-nine crores fiscal help to Bharat Pumps & Compressors, Allahabad, as a non-plan mortgage.
The cupboard Committee on economic Affairs (CCEA) authorized the proposal of the division of Heavy industry.
Consistent with a legit announcement, the CCEA additionally accorded an “in principle” approval for strategic disinvestment of the organization.
The CCEA said the financial help will likely be used to clear statutory dues equivalent to Provident Fund and Gratuity of retired employees.
“The statutory dues reminiscent of Provident Fund and Gratuity of retired workers will probably be discharged and the amazing dues of CISF (significant Industrial protection drive) might be cleared,” the announcement stated.
“it’ll encourage the employees and reinforce the performance of the manufacturer. This will likely put a finish to further legal problems and penal action towards the manufacturer.”
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