The Punjab State Industrial Development Corporation (PSIDC), functioning as facilitator for industry in the state since 1966, is likely to be closed in near future if minutes of a recent meeting chaired by AR Talwar, principal secretary industry and commerce, Punjab, are any indication.
The minutes of a meeting of department of industries and commerce (copy with FE) signed on November 16 clearly show that the process for final winding up of PSIDC has begun. The minutes of the meeting signed by AR Talwar and other heads of different corporations say that it was decided that managing director of PSIDC will work out comprehensive proposal for final winding up its operations in due course.
The meeting was a sequel to the meeting of Cabinet sub-committee on disinvestments, Punjab earlier. Surprisingly, the proposal comes at a time when chief minister Parkash Singh Badal has been openly stating that there was no proposal for closure or disinvestment of any state-owned PSU in near future. However, copy of earlier two meetings state that financially the PSIDC was in a bad shape.