November 23, 2024 02:21 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma
Cabinet approves closure of loss making Bharat Wagon and Engineering Company

Cabinet approves closure of loss making Bharat Wagon and Engineering Company

| | 23 Aug 2017, 07:28 pm
New Delhi, Aug 23 (IBNS): The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the proposal of Ministry of Railways to close the Bharat Wagon and Engineering Company Limited (BWEL) - a Central Public Sector Enterprise (CPSE) under Ministry of Railways.

626 employees of BWEL will be benefitted from the voluntary retirement scheme to be offered at 2007 pay scale, read a government statement.

The Government will have to provide one time grant off 151.18 crore towards severance package and for clearing the current liabilities of the company.

This measure will stop flow of financial support from public funds for carrying on the operations of sick/loss making BWEL resulting in savings for the Government.

The implementation will be done as per the timelines prescribed in the guidelines issued by Department of Public Enterprises (DPE) on time bound closure of sick/loss making CPSEs.

In view of the continues poor physical and financial performance of the company for more than 10 years, in spite of financial assistance and other support provided by Ministry of Railways combined with low probability of its revival in future, Bharat Wagon and Engineering Co. Ltd. is being wound up.

 

 

 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.