Pvt Role Sought To Revive Bgml
The Union cabinet yesterday issued the instructions for exploring the possibility of reviving the Bharat Gold Mines Ltd (BGML) at Kolar in Karnataka through a joint venture with a private promoter. If the effort does not yield results, the BGML would be wound up.
The ICICI had prepared a rehabilitation package for the BGML, but it was not approved by the cabinet as it envisaged a fresh induction of Rs 200 crore.
Even after such an induction, the package would not make the unit viable on a long-term basis, it was felt. The government is now expected to inform the BIFR of its decision and initiate steps to identify the private partner.