Bihar State Electricity Board’s financial restructuring approved

• 11 years ago (2012-10-27)
• David Flin

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The government of the Indian state of Bihar has approved a transfer scheme and financial restructuring plan to effect the transfer and distribution of human resources, properties, assets and liabilities of the Bihar State Electricity Board (BSEB) among the five new power companies constituted under the provisions of the 2003 Electricity Act.

Vijoy Prakash, Principal Secretary to the cabinet secretariat department of the Bihar state government, said that around $2.6 billion will be spent over the next five years on the financial restructuring plan. The cabinet has given provisional approval to the restructuring plan for one year, after which a review will take place and, if required, the scheme will be modified, he 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. Prakash said: “However, the service conditions of the BSEB’s existing employees will remain unchanged after the transfer of their services to the new companies.”