By IANS,
New Delhi: Four decades of patience has yielded a princely reward to the government as Bharat Pumps, incorporated in 1970, paid its maiden dividend of Rs.53.53 lakh Wednesday.
The cheque was handed over to Heavy Industries Minister Vilasrao Deshmukh at his office by Chairman and Managing Director of the Allhabad-based Bharat Pumps and Compressors Ltd (BPCL), Abhay Kumar Jain.
BPCL was incorporated in 1970 but soon became sick and was referred to Board for Industrial and Financial Reconstruction (BIFR) in 1992.
The government approved a revival plan in December 2006. The state-run enterprise has now achieved a turnaround.
The company is engaged in the manufacture and supply of heavy pumps and compressors, high pressure seamless and Compressed Natural Gas cylinders to cater to oil exploration refineries, petrochemical and fertilizer industries.