The Punjab Cabinet on Thursday approved the formation of an Empowered Cabinet Sub Committee on Disinvestment to finalise the modalities for strategic disinvestment of 33.49% equity shareholding of Punjab Alkalies & Chemicals Limited (PACL), held by Punjab Government through Punjab State Industrial Development Corporation (PSIDC).
It also gave the nod to the constitution 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 of cabinet ministers Brahm Mahindra, Manpreet Singh Badal and Sunder Sham Arora.
According to a spokesperson of Chief Minister’s Office, this decision has been taken in response to the proposal of disinvestment of Sick Industrial Unit – PACL, mooted by Directorate of Disinvestment and Public Enterprises through 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.
Notably, the Core Group of Officers on Disinvestment (CGD) was also constituted earlier on August 13, 2018 in pursuance of Cabinet’s decision with Chief Secretary as its Chairman and Principal Secretary Finance, Principal Secretary to CM, Administrative Secretary of the concerned department, MD of the concerned PSU as its members besides Director Public Enterprises & Disinvestment as its Member/Convener, for disinvestment of three PSUs viz. Punjab Communication Ltd. (PUNCOM), Punjab Financial Corporation (PFC), Punjab State Industrial Development Corporation (PSIDC).