Calcutta, July 6: Bengal Lamp Ltd is getting ready for a revival programme after remaining closed for 11 years. The company closed down in 1989 following huge losses and acute working capital shortage.The Board for Industrial & Financial Reconstruction has approved the Rs 17-crore revival scheme submitted by ICICI Ltd, the operating agency, on June 27. The scheme includes plans for reopening both the Calcutta and Bangalore units of Bengal Lamp.All the concerned parties - banks, financial institutions and the state government - are believed to have agreed in principle on the terms of the package.Three banks and two FIs - Bank of Baroda, United Bank of India, State Bank of Mysore, ICICI and Unit Trust of India - had lent Rs 10 crore to the company. The total outstandings including interest now stands at Rs 14 crore.
Bengal Lamp Workers Union president Bimal Chatterjee says: "We are ready to cooperate with the promoter insofar as reopening of the company is concerned. The industrial reconstruction department of the state has promised all help within the guidelines."
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