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Home News Power Sector News BSEB's financial restructuring approved

BSEB's financial restructuring approved

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BSEBThe Bihar government on 26-10-2012 approved a "transfer scheme and financial restructuring plan" to effect the transfer and distribution of human resources, properties, assets and liabilities of Bihar State Electricity Board (BSEB) among the five new power companies constituted under the provisions of the Electricity Act, 2003.

 The state government will spend an estimated Rs 14,099 crore in the next five years on the financial restructuring plan, cabinet secretariat department's principal secretary Vijoy Prakash said while briefing newsmen after the cabinet meeting. The cabinet has given provisional approval to the restructuring plan for one year after which a review will take place and, if need be, the scheme will be modified, Prakash said.

The five companies to be constituted are Bihar State Power Company (the holding company), Bihar State Power Transmission Company, Bihar State Power Generation Company, South Bihar Power Distribution Company and North Bihar Power Distribution Company. "However, the service conditions of the BSEB's existing employees will remain unchanged after the transfer of their services to the new companies," Prakash said.

The BSEB currently has nearly 1,700 officers and 14,850 employees. Its installed generation capacity is 559.2MW. On August 2, 2011, the state cabinet had given its nod to unbundling of the BSEB.

Source- TOI


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