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Pakistan Textile City winds up
01
Mar '17
Since Pakistan Textile City Limited (PTCL) was facing impediments in providing infrastructure and was not able to meet its set goals, the Economic Coordination Committee (ECC) in the Pakistan government has approved winding up of PTCL. ECC has transferred PTCL’s land to the Port Qasim Authority (PQA) after clearing the company’s Rs 12 million liabilities.

“PQA had originally leased the land to PTCL and the terms of lease did not allow its further sale or transfer to another party,” Pakistan media reported.

The main stakeholders of PTCL are the Pakistan government with 56 per cent shareholding and the Sindh government with 16 per cent. PTCL’s primary objectives were to set up and manage an exclusive location for producing textile value added products.

PTCL was not able to develop the Textile City as it was not provided electricity, gas and water, which remained unresolved, despite approaching the government on several occasions. (AR)

Fibre2Fashion News Desk – India


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