VISAKHAPATNAM: The merger of Bharat Heavy Plate and Vessels Limited (BHPV) with power equipment manufacturer Bharat Heavy Electricals Limited (BHEL) was finally approved by the Board for Industrial and Financial Reconstruction (BIFR) in New Delhi on Thursday.
According to sources, BIFR has approved the modified rehabilitation scheme submitted by BHPV and formal orders have been issued for the merger with immediate effect.
Confirming this, BHPV managing director C P Chengappa said, "This is one of the fastest mergers to have taken place following the approval of the Union Cabinet in February. It will be a morale booster for the employees, who were looking forward to this moment."