Financial assistance for Bharat Pumps & Compressors approved

New Delhi, Sep 28 (IANS) The government on Wednesday approved a Rs 111.59 crore financial assistance to Bharat Pumps & Compressors, Allahabad, as non-plan loan.

The Cabinet Committee on Economic Affairs (CCEA) approved the proposal of the Department of Heavy Industry.

According to an official statement, the CCEA also accorded an "in principle" approval for strategic disinvestment of the company.

The CCEA said the financial assistance will be used to clear statutory dues such as Provident Fund and Gratuity of retired employees.

"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."