The Union Cabinet has decided to wind up Bharat Gold Mining Limited (BGML), CNBC TV-18 has learned from sources. Bharat Gold Mines Limited (BGML), a former Public Sector Undertaking was incorporated in April, 1972 under the administrative control of the Department of Mines with its office at Kolar Gold Fields (KGF), which is now an international box office hit KGF. Famous with Chapter 2. ,
The cabinet had in the year 2006 decided to dispose of the assets through global tender with the first right of refusal in favor of the ex-employee society. Due to the passage of time, various changes took place and various issues came to the fore and the decision of the Cabinet could not be implemented. Since the closure of the company, the demand for its revival is alive. Several state and central ministers are also pushing for the reopening of the company. However, the Center has made it clear in 2021 that there is no proposal for this.
Union Minister for Mines, Coal and Parliamentary Affairs Pralhad Joshi, who represents the Dharwad Lok Sabha constituency, clarified that there is no such proposal as of now.
Replying to a question in Lok Sabha, he said, “Bharat Gold Mines Limited (BGML), a Public Sector Undertaking was incorporated in April, 1972 under the administrative control of the erstwhile Mines Department with its office at KGF. KGF was primarily engaged in gold mining and production in some small operations in Andhra Pradesh. Since its operations became economically unviable, orders for winding up were issued on 12 June 2000. Operations at BGML 1 March was closed with effect from 2001. On June 27, 2006, the Union Cabinet approved the sale of assets of BGML through an open global tender. The matter went to trial and on July 9, 2013, the Supreme Court An order of Rs.
“All the mining leases of BGML have expired and application is pending for renewal of mines in Karnataka, while the Andhra Pradesh government had terminated all three mining leases. Moreover, as per the recent amendment to the Mining Act, if the mining lease is not earmarked, the mining lease will expire in 2023,” the minister said.
Earlier this year, the Union Cabinet approved setting up of a new state-owned firm for pooling and monetization of sovereign and public sector land assets. The main objective of National Land Monetization Corporation (NLMC) was to monetize surplus land and building assets of Central Public Sector Enterprises (CPSEs) as well as government agencies. The firm helps in monetizing assets belonging to public sector firms that have closed down or are up for strategic sale.
BGML is strategically located 90 km from Bengaluru airport, 260 km from Chennai port and 314 km from Krishnapatnam port. BGML, which used to operate KGF and closed down in 2001, has about 12,000 acres of land.
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