Disinvested Units

1. Punjab Tractors Ltd: The Council of Minister vide its decision in June 2002 decided that PSIDC's 23.49% shareholding in PTL may be disinvested. Accordingly, Expressions of Interest were invited by 5.1.2003 and technical & financial bids were invited by 25.7.2003. After following the procedure laid down, disinvestment has been carried out in favour of M/S CDC at a rate of Rs. 153/- per share amounting to Rs. 218.00 crore.

Share Purchase Agreement was executed on 30.7.2003. Preliminary closing took place on 12.9.2003 after receipt of FIPB & RBI approvals and Final Closing took place on 5.12.2003.

2. Punjab Tourism Development Corporation:

  1. Ten Tourist Complexes of Punjab Tourism Development Corporation at Pathankot, Kapurthala, Moga, Madhopur, Sanghol, Shambhu, Jalandhar, Neelon, Hosiarpur and Amritsar has been disposed off.

  2. The Tourist Complexes at Wagha, AKBSirhind, Kartarpur and Khanauri are being used by various other Govt. Departments so these were excluded from the process.

  3. Government had decided not to further disinvest the remaining Tourist Complexes at, Ropar (2) , Malout, Nidampur, Faridkot, Nangal, Faridkot, Ludhiaia (2), FR Sirhind and Holiday Home Club. These Tourist Complexes/Units are being transferred to the Department of Tourism.

Note: Holiday Home Scheme: Expressions of Interest for this unit were invited by 7.4.2003. After following the procedure laid down, technical & financial bids were invited on 29.12.03. Cabinet Committee on Disinvestment in its 14th meeting held on 4.2.04 approved the financial bid of M/S SKR Consortium Pvt. Ltd.

As the Government has decided not to further disinvest the Tourist Complexes, the successful bidder has filed a PIL in the Hon' ble Punjab & Haryana High Court against the decision of the Government. The PIL is still pending in the court.

3. A decision to liquidate The Punjab State Cooperative Spinning Mills Federation Ltd. (SPINFED) was taken on 30.4.2003. VRS given to all the employees and Coop. Spg. Mills at Goindwal, Kotkapura & Tappa has been disposed off finally. The plant & Machinery of Bathinda and Abohar Coop. Spg. Mills has been disposed but the land of these Coop. Spg. Mills is yet to be disposed off.