Updated By: LatestGKGS Desk
Union Cabinet approved the closure of NJMC & its subsidiary BJEL
Union Cabinet approved the closure of National Jute Manufactures Corporation Ltd (NJMC) & its subsidiary Birds Jute & Exports Ltd (BJEL): Details, Highlights
The Union Cabinet chaired by Prime Minister Narendra Modi on 10th October 2018, has approved the closure of National Jute Manufactures Corporation Ltd. (NJMC) and its subsidiary Birds Jute & Exports Ltd. (BJEL).
NJMC & BJEL's disposal of fixed assets, as well current assets, will be in accordance with the guidelines of Department of Public Enterprises (DPE) and the proceeds from the sale of assets, after meeting the liabilities, will be deposited in Consolidated Fund of India.
The decision will benefit the Government exchequer in reducing recurring expenditure incurred in operating both the sick CPSEs in running their activities.
The decision will also help in closing loss-making companies and ensuring the release of valuable assets for productive use, or for generating financial resources for developmental progress.
After this closure, the available land with both the CPSEs will be put up for public use, other government use for the overall development of society.
