Closure of Biecco Lawrie Limited approved

The Cabinet Committee on Economic Affairs has approved the proposal for closure of the Biecco Lawrie Limited (BLL) including offering Voluntary Retirement Scheme (VRS)/ Voluntary Separation Scheme (VSS) for the employees of the Company. The Company could not be revived and further, there appeared no possibility of revival of the Company considering the competitive business environment as well as huge capital requirement. Continued loss has made further operations of the company not only unviable but also resulted in substantial distress to officials and staff due to uncertain future. BLL is a Schedule ‘C’ Central Public Sector Enterprise (CPSE) with 67.33% and 32.33% equity share held by Oil Industry Development Board (OIDB) and Government of India respectively. The remaining 0.44% shares are held by others.