Islamabad: The federal government has received an offer of USD 1 to 1.5 billion for the purchase of majority stakes in Pakistan Steel Mills (PSMC), according to news published on September 12.
As per the details, four Chinese firms have visited Pakistan and met the authorities concerned in this regard. It was informed that out of the total land operated by PSMC under the land lease agreement, the government has already transferred 6,000 acres to a company owned by the state-run steel manufacturer.
Reportedly, several pre-qualified international investment companies have visited the premises of the steel mill. The higher officials in the government consider the privatisation of PSMC crucial for the country’s economic growth. Under the privatisation plan, the government focuses on foreign direct investment along with employment generation and the creation of productive capacity for sustaining domestic infrastructure development.
The government is of the view that the steel mill’s balance sheet will be cleared and losses will be transferred to another company once the transaction is completed. It is estimated that after privatisation, the steel mill production will be at one million tons in the first year; two million in the second year, and three million in the third year.
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.
