ISLAMABAD: The National Meeting Standing Committee on Industries and Manufacturing was knowledgeable on Friday that Pakistan Metal Mills (PSM) is a chunk of scrap and its infrastructure is nugatory within the present period.
Syed Hafeezuddin, the chairman of the committee, inquired concerning the future plan of PSM and the overall land space of the mission.
Briefing about PSM, Industries Secretary Saif Anjum stated the Special Funding Facilitation Council (SIFC), headed by Prime Minister Shehbaz Sharif, has already declared PSM as scrap.
The SIFC has famous that it’s practically unimaginable to revive PSM with the present infrastructure and outdated expertise.
The committee was knowledgeable that it has been determined to utilise round 19,000 acres of PSM land for the institution of particular financial zones.
The committee was apprised that two particular financial zones spreading over 500 and 700 acres had been established, whereas round 700 acres of land had been transferred to Sindh province to determine a contemporary metal mill with the most recent expertise and infrastructure.
In reply to queries by the committee members, the industries secretary stated the ministry had authorised fuel provide disconnection to PSM on June 30 this yr to stop additional burden of round Rs2.5 billion on the nationwide exchequer.
Revealed in Daybreak, July twenty seventh, 2024