BANGALORE, April 10: The Nambiar-owned BPL group's plan of restructuring its various businesses has hit a roadblock. The proposal which was floated by the group on September 26, 1997 has not found favour with BPL Refrigeration Ltd which has decided to retain its seperate status. ``BPL Refrigeration has decided to continue its ongoing revamping efforts aimed at improving performance,'' said sources.BPL group had appointed N M Raiji & Co and Dalal & Shah, chartered accountants and valuation experts based in Mumbai, to prepare a recast plan and undertake relevant valuations of group companies, as a precursor to the group restructuring. Details about the valuation report are currently not available as most of the BPL top brass were not available for comments.One of the options that the consultants had floated was to club together different group companies with similar lines of business. Both the consumer electronics, the core competency of the Rs 2,700 crore BPL group, as well as the white goods industrieshave been facing a severe downturn and is believed to be the primary reason which prompted the group to go in for a recast.Sources in BPL Refrigeration declined to disclose the proposed schedule for the restructuring but said the recast had been necessitated by the changing business environment that had forced the group into looking at operational restructuring. The company has shifted its registered office to the factory premises as part of its internal restructuring. In line with this exercise, another group firm, BPL Sanyo Technologies Ltd, has also vaccated its corporate office and shifted to one of the premises of BPL Ltd from Palace Road.Hit by the prevailing economic recession in the country, BPL Refrigeration has also decided to extend the financial year of the company upto September 30, 1998 subject to the approval of the registrar of companies.
