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Cabinet approves financial assistance to retired employees of Bharat Pumps and Compressors Limited, Allahabad

Cabinet approves financial assistance to retired employees of Bharat Pumps and Compressors Limited, Allahabad

India Blooms News Service | | 28 Sep 2016, 06:05 pm
New Delhi, Sept 28 (IBNS): The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved the proposal of Department of Heavy Industry for providing financial assistance amounting to Rs. 111.59 crore as Non-Plan loan to Bharat Pumps and Compressors Limited, Allahabad.

The CCEA also accorded "in principle" approval for strategic disinvestment of the company, read a government statement.

The statutory dues such as provident fund and gratuity of retired employees will be discharged and the outstanding dues of CISF will be cleared.

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.

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