Pakistan decides to privatize one of biggest public entities
ISLAMABAD – Minister for Industries and Production Hamad Azhar has said the government has decided to privatize Pakistan Steel Mills in order to revive and steer it out of losses.
Addressing a news conference in Islamabad today, he said fifteen parties have shown their interest in Pakistan Steel Mills.
He clarified that only the core Steel Mills operations will be privatized, Radio Pakistan reported.
Hammad Azhar said that about nine thousand employees of Pakistan Steel Mills will be relieved in two phases after payment of their retirement dues and one-month salary. An amount of twenty billion rupees will be spent on this package. On an average, each employee will get 2.3 million rupees.
He said this proposal will now be forwarded to the cabinet for approval.
The Minister expressed his dismay over political point scoring by the opposition parties on the matter. He reminded that it was in their regime that Pakistan Steel Mills became a loss making entity and then was shut.
He regretted that no effort was made by the previous governments to revive the organization rather its loan surpassed two hundred billion rupees.
- PTI minister backs Khawaja Asif on Hindu temple in Islamabad11:07 PM | 12 Jul, 2020
- Global coronavirus cases near 13 million with 569,000 deaths so far10:36 PM | 12 Jul, 2020
- Four Pakistani soldiers martyred, 4 terrorists killed in North ...10:02 PM | 12 Jul, 2020
- Pakistan nears 251,000 cases of coronavirus – 5,257 confirmed dead09:20 PM | 12 Jul, 2020
- Yashma Gill contracts coronavirus01:07 PM | 12 Jul, 2020
- Amitabh Bachchan in hospital after testing positive for COVID-1911:36 PM | 11 Jul, 2020
- Kanye West is reportedly ‘struggling’ with bipolar disorder04:44 PM | 11 Jul, 2020
- When Is Eid Al Fitr 2020? ... So The Curiosity Begins!06:42 PM | 12 May, 2020
- Top five health benefits of eating watermelon04:08 PM | 7 May, 2020
- How to lose weight during Ramadan Kareem03:18 PM | 28 Apr, 2020
- Ramadan 2020: Keep yourself healthy with these 5 nutritional tips12:49 PM | 23 Apr, 2020