PACL in profit, its sale points to scam: AAP

Chandigarh, December 31

The Aam Aadmi Party (AAP) has condemned the sale of state-owned Punjab Alkalies Chemicals Limited (PACL), Nangal, by the Punjab Government at rock bottom prices. The party said the sale of state assets was another step towards establishing the hold of corporates in the state.

Leader of Opposition Harpal Singh Cheema and Ropar AAPchief advocate Dinesh Chadha demanded an inquiry.

In a statement issued here on Thursday, Cheema said the previous Badal government had taken loans by mortgaging government offices, whereas the Capt Amarinder Singh government had gone further by selling off state assets.

Chadha said, “The annual profit of the PACL in 2018-19 was Rs 55 crore, which indicates that it is in the pink of health. Caustic soda made by the PACL is considered a good brand. In such circumstances, the government selling off its stake is beyond comprehension.” — TNS

5th attempt at disinvestment

This is the fifth attempt at disinvesting the government stake in the PACL. The latest bid to disinvest from the caustic soda lye manufacturer was made in September last year. In 2018-19, the company had achieved its highest ever sales turnover of Rs375.73 crore, when it had also registered a profit after tax of Rs55. 86 crore.