An Assets Sale Agreement (ASA) has been inked for selling the plant, equipment and machinery belonging to Lasbella Textile Mills (LTM), which is an undertaking of Iran Pakistan Industries Limited (IPI). IPI is located at Uthal in Lasbella district of Baluchistan.
M/s Rais Ahmed is purchasing the assets and it has made payment of Rs156 million decided for them. Rais was issued a letter of acceptance on October 20 this year.
Total 43 Expressions of Interest were submitted to Privatisation Commission for buying the assets, 16 of which were able to reach to the bidding point and the bidding was justified as fair and impartial by participants.
Machinery belongs to fully integrated factories which comprise 50,000 spindles and 1,100 looms and they are self-sufficient in dyeing and finishing.
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