Chandigarh, September 23: Decks were cleared on Wednesday for disinvestment of Punjab Alkalies & Chemicals Limited (PACL), with Captain Amarinder Singh led Cabinet stamping its approval for the same.

Accepting the report of the Extraordinary General Meeting (EGM) of PACL, as well as the recommendations of the Empowered Group of Ministers set up on September 17, the Cabinet has given the go-ahead for disinvestment of 33.49% equity shareholding of PACL, held by Punjab Government through Punjab State Industrial Development Corporation (PSIDC), according to an official spokesperson.

The EGM, after considering the detailed report of fresh Core Group of Officers on Disinvestment during its meeting on September 22, 2020, unanimously decided that Punjab government/PSIDC should go ahead with the disinvestment of shares of PACL in the manner as recommended by the Core Group.

The Cabinet also decided to authorize the Chief Minister to approve minor amendments without placing it again before it. It mandated the Industries Department to carry out further paper work and required processes in this regard.

Finance Minister Manpreet Badal informed the meeting that the state will get Rs 42 crore from the same of its share, held through PSIDC whose sovereign debt currently stands at Rs 900 crore.

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