The Senate Standing Committee on Industries and Production on Friday was informed that 16 institutions have been identified for closure or privatization, while five have been added to the privatization list. Two institutions will be merged, and the performance of the remaining entities will be assessed over six months to determine their future.
The minister revealed that cabinet decisions on Section 42 companies (NGOs) and utility stores have been revised. Utility Stores Corporation initially planned for closure, is now included in the privatization list. Currently, 2,400 out of 4,300 stores are operating at a loss, particularly in Balochistan and Gilgit-Baltistan.
Additional Secretary Industries Asif Saeed Khan said 29 institutions are affiliated with the ministry, with key assets such as Pakistan Engineering Company’s land valued at Rs. 19 billion and Republic Motors’ assets worth Rs. 10 billion.
Legal action is underway to recover seized assets from Republic Motors. The ministry aims to resolve pending asset disputes with expert legal assistance, he added.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
