WB govt to shut 5 Webel arms

The West Bengal government has decided to close down five ailing subsidiaries of West Bengal Electronics Industry Development Corporation Ltd, the nodal agency to promote electronics industry in the state.

The government would also appoint a consultant for six other Webel subsidiaries.

A top Webel official told PTI on Tuesday that the state government was likely to appoint a consultant, which would be given the mandate to carry out a study on the future of the subsidiaries, which had not been earmarked for closure.

He did not give any time-frame in which the five subsidiaries would be closed down. "It was totally dependent on the state government."

The five units, which had been identified for closure were Webel Carbon, Webel Crystal, Webel Capacitors, Webel Video and Webel Multimedia.

The official said the state government would take financial aid from Department for International Development to fund "voluntary retirement" of 700-odd employees employed in the five subsidiaries.

The official said the government had been buying time to close down because of the elections.

He said the state government was expected to take a decision soon once the political scene stabilises at the Centre.

According to the official, among the remaining six subsidiaries, it was felt that four could be turned profitable and was capable of paying dividends.