The decision has been taken in view of sharp decline in production and revenue from 2012–2013 onwards.
(SNS)
The Administrative Council (AC), headed by Lieutenant Governor, Manoj Sinha, has approved the proposal of Industries and Commerce Department for complete sale of Jammu and Kashmir Cements Ltd through ascending e-auction from qualified bidders.
The decision has been taken in view of sharp decline in production and revenue from 2012–2013 onwards.
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Over the loss making years, the company has been burdened by its own liabilities on account of salary and bills raised by the contractors and various departments, CP Fund of employees, and GST liabilities.
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Winding up of the loss-incurring, PSU will open up the huge area of land measuring approximately 240 kanals appurtenant to the Khrew Plant which can be utilized as industrial estate by J&K SIDCO.
The decision will assist the closing PSU in realizing revenue through payment of premiums by the prospective entrepreneurs to effectively clear the statutory liabilities of the company, an official spokesman said.
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