With the Board for Industrial and Financial Reconstruction sanctioning the Modified Draft Rehabilitation Scheme envisaging merger of Bharat Heavy Plate and Vessels (BHPV) with Bharat Heavy Electricals, BHPV has become the seventeenth manufacturing unit of BHEL.
The unit has been named as Heavy Plates and Vessels Plant, Vishakhapatnam. The appointed date for the merger is October 1. Till now, BHPV was a wholly-owned subsidiary of BHEL. After the Union cabinet?s approval in February 2013, the merger scheme was filed with BIFR in March 2013 and the entire merger exercise was completed in a record time of five months thereafter.
The merger will pave the way for BHEL in further diversifying its product portfolio and for products like group gathering stations and gas processing units. After the merger, BHEL expects an additional business of over R5,400 crore in the next five years.
