Punjab cabinet gives nod for PACL disinvestment

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.