Kolkata, March 1 (Calcutta Tube) The Department of Heavy Industries has submitted a proposal to the union cabinet for the revival of Burn Standard and Braithwaite Company Limited and its consideration for handing it over to the Indian Railways, an official said here Monday.
‘We are waiting for the railway’s comments on the notes to be presented to the cabinet. They will comment on that within a week’s time,’ Satyanarayan Dash, Secretary, Ministry of Heavy Industries and Public Enterprises, told reporters at a press meet.
The railways had announced in the 2009-10 railway budget plans to take over these two public sector units, after which the ministry started due diligence process. While Burn Standard has two wagon manufacturing units in Howrah and Burnpur, Braithwaite has three such units in West Bengal.
The due diligence of both the units with a total financial liability of Rs.1,520 crore had recently been placed before the union cabinet for its urgent consideration, he said.