Punjab cabinet gives nod for disinvestment of Punjab Alkalies & Chemicals

The meeting was chaired by Chief Minister Amarinder Singh.

The Punjab cabinet on Wednesday gave its nod for disinvestment of Punjab Alkalies & Chemicals Limited (PACL).

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 per cent equity shareholding of PACL, held by state-owned Punjab State Industrial Development Corporation (PSIDC), an official spokesperson said.

The EGM, after considering the detailed report of the fresh core group of officers on disinvestment during its meeting on September 22, unanimously decided that the state government should go ahead with the disinvestment of shares of PACL in the manner as recommended by the core group.

Finance Minister Manpreet Badal informed the meeting that the state will get Rs 42 crore from the disinvestment, the spokesperson said.

The meeting was chaired by Chief Minister Amarinder Singh.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel