Railway PSU Braithwaite & Co has been declared a Miniratna-1 category company as the government also plans its merger with Rail India Technical and Economic Services (RITES).
Braithwaite chairman and managing director Yatish Kumar said the company would go by what the government decides. A railway board official, meanwhile, said that the merger was a part of the plan to restructure six railway PSUs, proposed by Sanjeev Sanyal, chief economic advisor to the finance minister. The idea was to merge Rail Vikas Nigam (RVNL) with Indian Railway Construction (IRCON), Railtel Corporation with the Indian Railway Catering and Tourism Corporation (IRCTC) and Braithwaite with RITES. The announcement was likely to be made in the Budget, the official said.
Kumar added that Braithwaite has become a debt-free company and it has been awarded Miniratna-1 status since it has already achieved above Rs 30-crore profit before tax and has been reporting net profit for consecutive three years, a criteria for getting Miniratna -1 status. The company will likely end the fiscal with a Rs 700-crore turnover, up from Rs 609 crore achieved in FY21.
