Islamabad: A consortium of four Chinese firms is in advanced talks for acquiring the state-owned company – Pakistan Steel Mills (PSM), according to news published on April 6. This is considered a major development for the revival of PSM.
The news source mentioned that the Privatization Commission is leading the process of privatising PSM. It was stated that the commission has been in contact with various firms already involved in the bidding process. The consortium is in the lead for acquiring the steel mills.
As per Ministry of Industries and Production officials, two Chinese firms have visited PSM. So far, the right companies have shown interest in obtaining PSM whereas another consortium of six companies has submitted eligibility documents for taking part in the bidding process.
Reportedly, Steel Corp Private Limited has acquired PSM’s main plan and 1,229 acres of company property. The National Electric Power Regulatory Authority (NEPRA) has issued a power generation license in the name of the company.
According to the higher-ups in the government, privatisation of PSM is essential for the economic growth of the country. It will bring in foreign direct investment and generate employment along with creating productive capacity for sustaining domestic infrastructure development.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
