Over Rs64 million released for power and business zones of Punjab

Over Rs64 million released for power and business zones of Punjab

Over Rs64 million released for power and business zones of Punjab

Lahore: The Board of Punjab Industrial Estates Development and Management Company releases around Rs 64 million in total for the purpose of the power and business zones in Punjab. 

The Board of the Punjab Industrial estates Development and Management Company has permitted the release of Rs55 million to Fesco for the purpose of the construction of a 132KV grid station in Bhalwal Industrial Zone and Rs. 9.6 million to Lesco for Feeder connection in Chunian Aqua business Park. 

The approval was granted in the 152nd meeting of the Board of Directors, PIEDMC and it was chaired by Syed Nabil Hashmi, current PIEDMC Chairman. The Board also expressed appreciation for the last year’s PIEDMC performance. 

As suggested by the procurement committee, the board has also approved 5.4 million in consultancy services of disposal stations in Vehari and Rahimyar Khan Industrial Zones. In addition to this around Rs 30 million for the transaction advisory of Muzaffargarh Industrial Zone, renewal of contracts for transport services, as well as medical insurance for staff. The meeting also approved the proceedings of the 151st board meeting. 

It was informed that the PIEDMC has earned around Rs 12 billion from QABP, Vehari, Rahimyar Khan, and Bhalwal Industrial Zones started the development of the Quaid-e-Azam Business Park, Bhawalpur Industrial Zone, and also transformed the Chunian Industrial Zone into the Aqua Business Park. 

In Sundar Industrial Estate, work on a net metering and expansion project began, and for the first time in PIEDMC's history, the annual budget was approved prior to the start of the new fiscal year. In addition, under corporate social responsibility, construction work on a medical trauma center and a management training program began.

According to Nabil Hashmi, PIEDMC is enabling business through one-stop operations in its managed industrial zones, as directed by Minister of Industries and Commerce Aslam Iqbal. In these zones, the Ease of Doing Business Index is among the highest in Pakistan. For their businesses, industrialists favor zones governed by the PIEDMC. The board of directors directed the management to complete the development of the Quaid-e-Azam Business Park in Bahawalpur and the Chunian Aqua Business Park in a timely manner.

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