Nahan Foundary to be merged with HPSIDC

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Shimla, Sep 26 (UNI) The Himachal Pradesh Government has decided to merge the Nahan Foundry Ltd with the Himachal Pradesh State Industrial Development Corporation (HPSIDC) .

This was stated by Chief Minister Prem Kumar Dhumal in the 136th Meeting of the Board of Directors of the Nahan Foundry Ltd and the Annual General Meeting, held here under his Chairmanship, today.

He said that all the moveable, immovable and other assets would be transferred to the HPSIDC alongwith the debts, liabilities, duties and obligations of the foundry.

He said that possibilities would be explored to utilise its properties and infrastructure available for other bonafide purposes.

He directed the authorities to complete codal formalities for merger of the institution on priority so that HPSIDC could plan its future programme accordingly.

He said that Nahan Foundry had been one of the oldest foundry of the state and quality products were manufactured therein. But with the passage of the time the products became outdated and their demand reduced in the market resulting into heavy losses to the foundry with every succeeding year.

UNI PS MP NS2117

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