Calcutta/Durgapur: The Mamata Banerjee government on Monday sanctioned the merger of Durgapur Projects Ltd (DPL), a loss-making power utility, with the principal state-run utilities for generation, distribution and transmission.
Sources said the move was intended at absorbing the losses and save the jobs of 3,000-odd employees.
DPL has a negative net worth - the company's liabilities exceed its assets plus shareholders equity - of Rs 1,000 crore, with losses to the tune of around Rs 200 crore every fiscal for a decade.
The decision of the merger was approved at a meeting of the state cabinet on Monday. Bengal power minister Sobhandeb Chattopadhyay said the process would begin soon.
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19 December 2018
20 December 2018