BPCL: From sick to successful
Bharat Pumps and Compressors Ltd. (BPCL), the public sector corporate enterprise, was incorporated in 1970 with manufacturing facility at Naini, Allahabad. Its chairman and managing director A.K. Jain spoke to HT on a range of issues. Excerptsbusiness Updated: May 24, 2010 01:01 IST
Bharat Pumps and Compressors Ltd. (BPCL), the public sector corporate enterprise, was incorporated in 1970 with manufacturing facility at Naini, Allahabad. Its chairman and managing director A.K. Jain spoke to HT on a range of issues. Excerpts:
What are BPCL’s main areas of work?
The company aims to research, design and develop, manufacture and supply capital goods in the fluid handling field to cater the need of oil exploration and exploitation, refineries, petro-chemicals, chemicals and fertiliser, power sectors and process and down stream industries. The company is engaged in manufacture and supply of heavy duty pumps and compressors and high pressure seamless and compressed natural gas cylinders and cascades.
Who are your main customers?
All major companies in oil, gas and fertiliser sectors are our customers. These include ONGC, Indian Oil Corporation, Hindustan Petroleum Corporation, Fertiliser Corporation of India, GAIL, Bharat Petroleum Corporation, Engineers India Limited and Indraprastha Gas Limited.
BPCL used to be a sick company. How did you turn it around?
The turnaround began in 2005-06. The special efforts and corporate strategies put in place have yielded the much awaited turn around of the company. In less than a year from a near closure and winding up situation, and BPCL achieved a net profit of Rs 1.84 crore in 2005-06 .
Can you briefly elaborate on the steps taken for reviving the company?
This remarkable feat of turnaround is of significance since it was achieved without considering the benefits of financial restructuring and was through short term and long term initiatives which included, customer commitment, productivity improvement, employee involvement and motivation.