The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the proposal for closure of the Biecco Lawrie Limited (BLL) including giving Voluntary Retirement Scheme (VRS)/ Voluntary Separation Scheme (VSS) to the employees of the Company.
The idling assets of BLL will be subsequently put into productive use after meeting all the liabilities in accordance with the extant guidelines of the Government.
Ministry of Petroleum and Natural Gas has taken various steps for revival of the Company from time to time.
However, 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.