Govt asks ailing JKCL to come up with a revival plan in a week

A senior government official informed Greater Kashmir that Advisor to Governor, KK Sharma held a special meeting to look into the issue and asked the management of JKCL to provide a revival plan.

MUKEET AKMALI
Srinagar, Publish Date: Dec 12 2018 1:11AM | Updated Date: Dec 12 2018 2:25AM
Govt asks ailing JKCL to come up with a revival plan in a weekRepresentational pic

Waking up to the financial mess in the Jammu and Kashmir Cements Limited, which has a record Rs 150 crore liabilities, the government has asked its management to come up with a revival plan for the corporation within a week.

A senior government official informed Greater Kashmir that Advisor to Governor, KK Sharma held a special meeting to look into the issue and asked the management of JKCL to provide a revival plan.

“MD JKCL gave a detailed presentation of the financial mess of the corporation after  which advisor asked him that instead of seeking capital infusion or funds,  JKCL should come up with a revival plan for boosting production and helping the corporation to earn profit, which would be presented before the governor for approval,” the official said.

On Monday, Greater Kashmir reported about ailing JKCL recording Rs 150 crore liabilities, with loss of the corporation touching Rs 116 crore in last 5 years.

While confirming this development, managing director, JKCL, Atul Sharma said they have been give a week’s time by the government to come up with a revival plan for JKCL.

“We have started preparing a revival plan for JKCL. I have involved offers from all the sections of the corporation to work on it so that we come up with a comprehensive plan for the revival of the ailing corporation.”

“Apart from capital infusion, we have asked for marketing intervention to revive the fortunes of this corporation,” Sharma said. “We are optimistic that with the government’s help, it will come back on growth track.” With worsening financial position of the corporation, the employees of the JKCL are without salary from last 4 months.

JKCL was incorporated as a fully owned government company in December 1974 with the objective to exploit the abundant deposits, make the quality cement available to the consumers at reasonable rates, besides filling up the gap between demand and supply.

The cement plant of 600 tonnes per day capacity installed at Khrew is listed as heavy sector industry which started commercial production in April, 1982. The company is manufacturing OPC garage 43 and has obtained license for manufacturing Fly Ash based blended cement from Bureau of Indian Standards (BIS).

 The JKCL is providing employment to more than 1000 semi-skilled, skilled, specialised and super specialized people directly or indirectly. In addition to this, the company in the sale promotion of its product has engaged a good number of distributors and sub-distributors. The company plays a significant role in the development of state by providing cement for the construction of major developmental projects undertaken by the state.

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