Business

Privatisation list: Ministry proposes HEC’s exclusion

The ministry and the HEC management have been trying to overcome losses and make it a profitable organisation

APP October 21, 2015

The ministry and the HEC management have been trying to overcome losses and make it a profitable organisation. PHOTO: FILE

ISLAMABAD:

Ministry of Industries and Production has proposed to exclude Heavy Electrical Complex (HEC) from the privatisation list as its performance has been improving gradually.

The ministry and the HEC management have been trying to overcome losses and make it a profitable organisation, added the statement. The HEC has been registering profits for the last five years, Secretary Industries and Production Muhammad Arif Azim informed a sub-committee of the Public Accounts Committee (PAC).

Member National Assembly (MNA) Syed Naveed Qamar chaired the meeting. Audit officials briefed the Committee about irregularities in different projects of Pakistan Steel Mills Corporation (PSMC) and land dispute. Qamar observed that the major part of PSM land was not property of the Corporation and Sindh government can raise objection on its privatisation process.

Published in The Express Tribune, October 22^nd, 2015.

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