Cabinet nod for railway
PSU BWEL’s closure
The Cabinet Committee on Economic Affairs approved the closure of Bharat Wagon and Engineering Company Limited (BWEL), a central PSU under the Railways Ministry, that had been sick since 2002. The Centre approved a one time grant of ₹151.18 crore to pay off the firm’s 626 employees under a voluntary retirement scheme and its other liabilities, according to an official statement.BWEL was formed in 1978 by taking over two Bihar-based sick private firms - Arthur Butler & Co. and Britannia Engineering Company.
In view of the continued poor physical and financial performance of the company for more than 10 years, in spite of financial assistance and other support and given its low probability of revival in future, BWEL is being wound up, the government said.