Sub-Committee Formed For Divesting PSIDC’s Stake In PACL
A Ranbaxy Laboratories Ltd. facility stands in Toansa, Punjab, India, on Monday, Feb. 10, 2014. (Photographer: Dhiraj Singh/Bloomberg)

Sub-Committee Formed For Divesting PSIDC’s Stake In PACL

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The Punjab Cabinet on Thursday approved the constitution of an empowered cabinet sub-committee on disinvestment to finalise the modalities for strategic divestment of state-owned PSIDC's stake in Punjab Alkalies & Chemicals Ltd.

The Punjab State Industrial Development Corporation holds 33.49% stake in the PACL.

The state cabinet also gave the nod to the formation of a committee of core group of officers on disinvestment to chalk out the details of the disinvestment process, to be presented to the empowered sub-committee, which will comprise cabinet ministers Brahm Mahindra, Manpreet Singh Badal and Sunder Sham Arora.

A spokesperson of the Chief Minister's Office said this decision has been taken in response to the proposal of disinvestment of sick industrial unit PACL, mooted by the Directorate of Disinvestment and Public Enterprises through the Finance Department, in order to improve the liquidity position of PSIDC.

The committee of core group of officers on disinvestment, chaired by the chief secretary, has been mandated to give recommendations and submit its report to the Council of Ministers for taking a final decision in this regard.

The other members of the committee would include Principal Secretary Finance, Principal Secretary Industries, Managing Director PSIDC, Managing Director PACL besides Director Public Enterprises and Disinvestment as its Convener.

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