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Voluntary winding up of Textile City, Karachi begins

Fed up with non-availability of infrastructure including natural gas and paucity of funds, the the Pakistan Textile City Limited (PTCL) has decided to wind up. The voluntary winding up process has already begun. This was revealed in the National Assembly Standing Committee meeting on Textile Industry which met under the chairmanship of Khawaja Ghulam Rasool Koreja recently.

The committee was briefed about the closure of Pakistan Textile City Project in Karachi and its resolve to sell the land and Plastics Technology Centre (PTC). The committee expressed its reservations over the closure of Pakistan Textile City Project, Karachi and observed that due to mismanagement and corruption, the debt of textile city has exceeded to Rs 2.4 billion.

The committee directed the ministry to sell out 250 acres of its land for payment of outstanding debt. It also said that efforts should be made to make it operational by involving Chinese/foreign companies for its betterment. It was informed that the company owes a debt of Rs 2.4 billion to the National Bank of Pakistan out of which Rs 1.3 billion were spent on the purchase of land at Port Qasim and Rs 1 billion have so for been incurred as interest on loan.

On a daily basis the markup payable is Rs 700,000 approximately. These challenges could be easily handled by selling 200 acres of land to K-Electric for setting up a coal-fired power plant.