SHIMLA: The Nahan Foundry Limited would be merged with the Himachal Pradesh State Industrial Development Corporation and possibilities explored to utilize the properties and infrastructure available for other bonafide purposes.

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

Chief Minister said that best efforts had been made to revive the Foundry and utilize the infrastructure for bonafide purposes. He said that Nahan Foundry had been one of the oldest foundry of the state and quality products were manufactured therein. He said that with the passage of the time the products became outdated and demand reduced in the market resulting into heavy losses to the foundry with every succeeding year. He said that the state government explored various options to revive the foundry and finally decided to merge it with the HP Small Industrial Development Corporation so that the valuable property was utilized properly. 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 directed the authorities to complete codal formalities for merger of the institution on priority so that HPSIDC could plan its future programme accordingly.

Prof. Dhumal said that the state government had created various public sector undertakings with the sole motive of profit earning by carrying diversified commercial activities. He said that all the PSUs were required not only to meet their liabilities but also earn profit for elaboration of their activities so that it could compete in the open market with other private players. He said that many such undertakings had diversified their activities and emerged viable. He said that the corporations and boards functioning under losses needed to take inspiration from the profit earning undertakings.