The Senate Standing Committee on Industries and Production was briefed on Friday about the government’s plans to close or privatize 16 institutions, with five additional entities added to the privatization list. Two institutions are set to be merged, while the performance of the remaining entities will be evaluated over the next six months to determine their future.
The minister disclosed that cabinet decisions regarding Section 42 companies (NGOs) and utility stores have been revised. The Utility Stores Corporation, initially slated for closure, is now included in the privatization list. Currently, 2,400 out of 4,300 utility stores are operating at a loss, particularly in regions like Balochistan and Gilgit-Baltistan.
Additional Secretary of Industries, Asif Saeed Khan, reported that 29 institutions are affiliated with the ministry. Among the key assets are Pakistan Engineering Company’s land, valued at Rs. 19 billion, and Republic Motors’ assets, worth Rs. 10 billion. Legal action is being pursued to recover seized assets from Republic Motors, and the ministry plans to resolve pending asset disputes with the help of expert legal assistance.
