Cabinet approves closure of Biecco Lawrie Limited – Another blow to Kolkata before Durga Puja

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Biecco Lawrie Limited - Kolkata
Biecco Lawrie Limited - Kolkata
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Cabinet approves closure of Biecco Lawrie Limited

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved the proposal for closure of the Biecco Lawrie Limited (BLL) including giving Voluntary Retirement Scheme (VRS)/ Voluntary Separation Scheme (VSS) to the employees of the Company.

The idling assets of BLL will be subsequently put into productive use after meeting all the liabilities in accordance with the extant guidelines of the Government.

Ministry of Petroleum and Natural Gas has taken various steps for revival of the Company from time to time. However, the Company could not be revived and further, there appeared no possibility of revival of the Company considering the competitive business environment as well as huge capital requirement. Continued loss has made further operations of the company not only unviable but also resulted in substantial distress to officials and staff due to uncertain future.

Background:

BLL is a Schedule ‘C’ Central Public Sector Enterprise (CPSE) with 67.33% and 32.33% equity share held by Oil Industry Development Board (OIDB) and Government of India respectively. The remaining 0.44% shares are held by others.

The Company, having its registered Office and Headquarters at Kolkata, West Bengal operates in four business segments: Switchgear Manufacturing, Electrical Repair, Projects Division and Lube blending & filling facility.

The Company has consistently been under financial stress and has had performance-related issues. It has been making losses for the last several years. BLL’s accumulated losses had become more than the equity and the net worth had become negative. The Net worth of the Company stood  ₹ (-) 78.88 crore at the end of the FY 2017-18 and accumulated loss as on 31.03.2018 was  ₹ (-) 153.95 crore.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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