Visakhapatnam, May 27, 2007
Rs. 42 crore exempted
The State Government exempted the Bharat Heavy Plates and Vessels Limited (BHPV) exempted from paying sales tax arrears of Rs. 42.16 crore. The Government also agreed to transfer title of land of 386.73 acres as a gift title deed to BHPV and waive registration and stamp duty.
Waiver of water, property an vacant land taxes and NALA tax are the other major concessions given to the BHPV. The concessions officered by the State Government pave the way for the Ministry of Heavy Industries and Public Enterprises to expedite the merger of BHPV with Bharat Heavy Electricals Limited.
According to reliable sources, BHEL had evinced interest in taking over the BHPV subject to the conditions that the Centre would waive loan, interest and reduce the capital to Rs. 436.64 crore, waiver of principal and interest on bank liabilities including dues to the State Government totaling Rs. 260.48 crore. Meanwhile, a delegation of BHPV employees led by CPM Politburo member Sitaram Yechuri and Bhadrachalam MP M Baburao met the Prime Minister and sought the merger process to be expedited.
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