Daily Times

ISLAMABAD: The federal government has released details of state run industries privatised during the last 25 years. The government generated over Rs 60.99 billion from the privatisation of 98 industrial units. 19 among the privatised industrial units are functional and the remainder shut down, while their property has been sold out.

According to statistics issued by finance ministry privatisation commission, 98 industrial units were privatised from 1991 to 2016. They include 7 automobile units, 15 cement factories, 13 chemical factories, 7 engineering units, 6 fertilizer manufacturing factories, 23 ghee factories, 8 rice factories and 4 textile units and 15 roti plants.

According to documents, 7 industrial units in auto mobile sector were sold out against Rs 1.10 billion. Millat tractors were sold at a price of Rs 306 million and Nia Daur motors were sold out at a price of Rs 22 million. Revenue amounting to over Rs 16.24 billion was generated from the privatisation of 15 cement factories, over Rs 1.64 billion out of auction of 13 chemical manufacturing industrial units, Rs 183 million out of privatisation of 7 industrial units in engineering sector, over Rs 40 billion out of privatisation of fertilizer factories and Rs 843 million against privatisation of 23 ghee factories.

As per documents, Rs 94 million were obtained from privatisation of 15 Roti plants while Gulshan Iqbal Roti plants fetched the highest price to the tune of Rs 20 million while Bahawalapur Roti plant was sold out at the lowest price of Rs 2 million. 4 industrial units in textile sector were privatised against Rs 371 million while Lasbella textile mill was sold out at the highest price of Rs 156 million. The cotton ginning factory fetched the lowest price, Rs 1 million.

According to documents, 18 industrial units which were privatised had paid tax amounting to over Rs 852.5 million to FBR. On the other hand, FBR has failed to recover tax from 42 industrial units while no record is available with FBR in respect of 38 industrial units.