Description

Date - 23rd Jun 2021

Union Cabinet has approved the merger of Central Railside Warehouse Company (CRWC) and its holding enterprise Central Warehousing Corporation (CWC) in order to unify similar functions of both the companies. Companies were merged with the aim of improving efficiency and increase financial savings.

Significance of merger

With the merger, it is expected that management expenditure of Railside Warehouse Complexes (RWCs) will be reduced by Rs 5 crore due to savings in corporate office rent, salary of employees, and other administrative costs.

India & Saint Vincent and The Grenadines signed an agreement for the exchange of information & assistance to collect taxes which will help in India’s fight against offshore tax evasion and tax avoidance practices.

CRWC & CWC merger will unify similar functions of both companies, like warehousing, handling, and transportation. These functions would come under single administration which in turn will promote efficiency, optimum capacity utilization, accountability, transparency and ensure financial savings.

It will help in setting up at least 50 more Railside warehouses near goods-shed locations which will generate employment opportunities for 36,500-man days for skilled workers and 9,12,500-man days for unskilled workers.

Central Railside Warehouse Company Limited (CRWC)

CRWC is a Public Sector Enterprise of Mini-Ratna status of Category-II. It was incorporated in 2007 under the Companies Act, 1956.

For more Updates and Information - Click here 

For access to more than 10,000 Colleges - Click here

For Latest Sarkari Jobs - Click here

For Comprehensive Preparation of Competitive Exams - Click here

For School Studies and Exams Preparation across Eight Boards - Click here