News  RECENT NEWS

Kerala government allows BHEL to exit from joint venture with Electrical Machines Ltd.

15 times viewed
Source: PTI
Tuesday, June 13, 2017

 THIRUVANANTHAPURAM: The Kerala government today allowed Bharat Heavy Electricals Limited (BHEL) to exit the joint venture (JV) with State-run Electrical Machines Ltd. at Kasaragod. 


A decision in this regard was taken at a high-level meeting chaired by Chief Minister Pinarayi Vijayan. 

BHEL-EML was incorporated in 2011, by acquiring the Kasaragod unit of KEL, a State PSU, as a joint venture with Government of Kerala. 

BHEL had 51 per cent equity in the JV and the Kerala government holding 49 per cent. 

However, BHEL was unwilling to invest any amount as per the agreement, and also wanted to exit the JV, a government release said. 

The company with 174 employees was running on loss. 
 
In these circumstances, the Chief Minister called a high-level meeting in which Industries Minister A C Moideen, Member of Parliament P Karunakaran, Chief Secretary Nalini Netto and BEHL-Electrical Machines Ltd Managing Director S Basu, among others participated. 

BHEL-Electrical Machines Ltd, Kasaragod, is a Central Public Sector Enterprise (CPSE) and a subsidiary of BHEL, a Maharatna company. 


Also Read:

Steel Minister rules out SAIL taking over Monnet Ispat

Steel lobby seeks changes to stressed assets scheme

Reliance Industries, BP withdraw gas price arbitration against government

Finance Ministry rejects Rs 20,000-crore plan for local solar equipment firms

Relax, GST won't impact your power bills next month

Haryana waives off intra-state wheeling charges to promote renewable energy

EESL scouts international partners to implement clean energy programmes

Russia's Rosneft CEO says takeover of India's Essar is closed

Power plants seek Coal India’s e-auction calendar

Steep increase likely in crude oil import bill

News  NEWS ARCHIVE
   
Home | Recent News | Privacy Policy | Disclaimer | Feedback | Sitemap | Contact Us

© Copyright Power Hub 2012-2014, All rights reserved.