2024-07-07 11:04:34
(Web Desk) The federal government has submitted a list of 21 institutions for privatization and complete deactivation of 8 institutions to SIFC. The main SIFC meeting next week will discuss the privatization and deactivation of these 29 institutions.
According to official sources, six new institutions have been added to the active list for privatization, while eight institutions have been declared completely inactive. According to the authorities, the total loss of 8 inactive federal institutions is more than 30 billion rupees, while some of these institutions have been closed for many years, whose total financial volume for 10 years is more than 100 billion rupees, while 15 institutions have already was added to the active list for privatization.
According to government officials, these companies include Postal Life Insurance Company Limited, Junco One, Agricultural Development Bank Limited, Utility Stores Corporation, Juncofor, Lakhra Power and Jamshoro Power in the active privatization list. While Morafco Industries Limited, PACO, Pakistan Motors Company Limited, have also been included in the fully inactive entities, besides Pakistan Automobile Corporation, Republic Motors Limited, Sindh Engineering Limited, Pakistan Gems and Jewelery Development have been included in the inactive entities. Names of Ek Hunir Ek Nagar were also added to the list of inactive institutions.
According to government officials, the name of Pakistan Hunting and Sports Arms Development Company is also included in the inactive institutions. According to the position of the Ministry of Industry, completely inactive institutions have been closed for many years, which were included in the list of privatization. and Sindh Engineering Limited have been on the privatization list since 1992, Ministry of Industries and Production due to financial loss and instability, the federal government decided to liquidate Ek Hunar Ek Nagar through Cabinet Division Notification in December 2019.
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2024-07-07 11:04:34