Union Cabinet approves dissolution of Central Inland Water Transport Corporation Ltd

31 August, New Delhi

The Union Cabinet today approved the proposal for dissolution of Central Inland Water Transport Corporation Limited (CIWTC). The Cabinet was headed by Prime Minister Narendra Modi.

Voluntary retirement scheme (VRS) for CIWTC was implemented in 2015 as per decision of the Cabinet on December 24, 2014, an official statement said.

CIWTC, a company incorporated on February 22, 1967 under the Companies Act, 1956 by the Government, took over the assets and liabilities of the erstwhile River Steam Navigation Company Limited under a scheme approved by the Calcutta High Court.

Due to inherent limitation and infrastructure bottle necks, the operations of CIWTC could never become viable and company has been incurring losses since inception. The company has only five employees at present. In line with the decision of the government to revitalise sick CPSUs wherever possible or to wind up irretrievable cases, the dissolution of the CIWTC would be initiated after disposal of movable and immovable assets.

This would free up the assets for better utilisation and for the benefit of the people. A number of assets would be taken up by Inland Waterways Authority of India to provide services on Brahmaputra River (NW-4).