State govt plans to sell off PUNCOM,wind up five firms

The meeting also recommended that entire shareholding of Punjab Infotech should be disinvested in Puncom — whose managing director claimed Puncom has a surplus cash of Rs 100 crore. The file for the merger of PFC with PSIDC has already been sent to Chief Minister’s Office for a final approval,officers said. While the PFC managing director stated that total liabilities of the corporation are worth Rs 240 crore,out of which,loans worth Rs 150 crore are being backed by government guarantees. For discharging these liabilities,an OTS is in pipeline.

Moreover,after deliberations,it was decided that there was no need to put up the issue of disinvestment of Punjab Alkalies before the Cabinet Committee on Disinvestment. The Directorate of Public Enterprises and Disinvestment will now invite Expression of Interests from prospective bidders in a time-bound manner.

Last time,the inter-departmental committee to process the applications for taking a stake in PACL had got only one bid from the 13 shortlisted companies. It was the third occasion when the disinvestment department had begun trying to dilute government’s stake in PACL — the first such attempt was made in 2002,when no one showed interest. A second try was made in 2005 but there was a change in the government and the plan was put on hold.

The meeting also decided that five closed units — Puntex,Leathera,Hosiery and Knitwear,Punjab Poultry Development Corporation and Punjab Film and News Corporation — will be shut down in a time-bound manner.

‘World Bank study says Punjab preferred place for investment’

A RECENT World Bank study has favoured Punjab as the “most preferred destination” for investors in the country,state’s Industry and Commerce Minister Anil Joshi said on Sunday. The study termed the state as “future growth engine that would propel the nation’s economic growth,” he added.

“In a latest study of World Bank about the Investment environment in the country,Punjab has been declared as the most preferred destination for investors,” Joshi said here. He said the report of World Bank was based on various parameters,including record investment by the incumbent government on the infrastructure such as roads,air and rail connectivity and incentives announced by the Punjab government.

The minister added that the government has set an investment target of Rs 1 lakh crore in the state and to meet this,he has already held series of meeting with big industrialists in New Delhi. Besides,the World Bank study specially talked about the integrated check post (ICP) at Attari and the Rs 21,300-crore Guru Gobind Singh Refinery project in Bathinda,which will change the face of Industry in Punjab.

“In the past,investors were facing shortage of electricity,which is going to become the strength of the state,as in next one year,all three thermal plants will become operational. The ICP at the Wagah border will be a boon for trade in Punjab,as it was a natural trade route to Central Asia for centuries,” Joshi claimed.

He added that keeping in view the interests of traders,the Centre should enhance the number of items to be exported via ICP from 137 to 6,000 as in Mumbai port.

“Due to efforts of the SAD-BJP government,many world class industrial houses like Videocon have announced investment in Punjab. To facilitate investors,the government has sanctioned the establishment of ‘land bank’,so the land required for industry could be provided to investors in a hassle free manner,” said Joshi.

Besides,the government has also made it mandatory to provide all kind of sanctions to investors within 30 days after the application through single window system,he added.