Kashmir-based business house eyes JK Cements

A Valley-based business house having presence across many sectors including cement, is eyeing to take over government owned J&K Cements Limited in Kashmir.
Kashmir-based business house eyes JK Cements
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A Valley-based business house having presence across many sectors including cement, is eyeing to take over government owned J&K Cements Limited in Kashmir.

Official documents in possession of Greater Kashmir reveal that the business house has submitted a proposal to the Government in this regard.

"We hereby express our interest to modernize, manage and operate state-owned J&K Cements at Khrew under PPP mode. We firmly believe this proposal would completely help revive the institution and turn it into a profit making venture which will not only help increase states cement manufacturing capacity but will also help create substantial direct and indirect employment opportunities, besides providing share of profit to the state government," the proposal reads.

The proposal addressed to the Finance Secretary (Nodal Officer for PPP) Ministry of Finance, J&K Government says: "There is urgent need to revive, upgrade, manage and operate JK Cements."

Government has forwarded the proposal to J&K Cements Limited vide communication no. IND/JKCL/19/2010 dated 02-03-2016.

Subsequently, JK Cements Limited formulated a committee to examine the proposal. The committee comprised General Manager, FA&CAO, DGM works, Manager Mines, Manager Engineering, Manger (P&A), Manager Finance/ secretary and others.

Sources said the management of JK Cements Limited was not in favour of handing over the control of the company to the private firm.

MD JK Cements, Atul Sharma told Greater Kashmir, "We assured the Government that within one year JK Cements will be turned into a profit making enterprise. Everyone vowed to work hard to realize the dream of making it profit making flagship company." 

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