Biecco Lawrie
Company type | British India |
---|---|
Defunct | 10 August 2018 |
Fate | Shut down |
Headquarters | , India |
Owner |
|
Number of employees | 275 (2018) |
Biecco Lawrie Co. Limited (BLL) was an Indian
History
The company was originally established in 1919 in
Service
BLL ran four business operations—switchgear manufacturing, electrical repair, projects division, and lubricating oil blending and filling facility.[2]
The company had a
As of fiscal 2007, the company incurred aggregated revenue of ₹525 million (US$6.6 million).[3]
Shut down
The company has over a decade accumulated ₹153.95 crore loss, with negative net worth of ₹78.88 crore at the end of the FY 2017-18. On 10 October 2018, the Government of India decided to shut down Biecco Lawrie after approval by the Cabinet Committee on Economic Affairs (CCEA). Its employees were given Voluntary Retirement Scheme (VRS) / Voluntary Separation Scheme (VSS). Although the Ministry of Petroleum and Natural Gas had made attempts to revive the company by selling, oil companies refused to buy the firm. 67.33 per cent stake of the company is held by Oil Industry Development Board (OIDB) and 32.33 per cent is with the government. The remaining 0.44 per cent shares are held by others.[1]
References
- ^ a b c "Government to shut Biecco Lawrie Limited". 10 October 2018 – via The Economic Times.
- ^ IANS (10 October 2018). "Cabinet approves closure of loss-making Biecco Lawrie". Business Standard. Retrieved 14 October 2023.
- ^ "Financial Statement" (PDF). Archived from the original (PDF) on 1 December 2008. Retrieved 16 January 2008.