Srinagar, Oct 27 : The Administrative Council (AC) today okayed the proposal of Industries and Commerce Department regarding complete sale of Jammu and Kashmir Cements Limited through ascending e-auction from qualified bidders.
The decision has been taken in view of sharp decline in production and revenues from 2012-13 onwards. .
Over the loss making years, the company has been burdened by its own liabilities on account of salaries/bills raised by the contractors and various departments, CP Fund of employees, and GST liabilities.
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.
