ISLAMABAD   -   The government is likely to privatise/ transfer 44 state-owned entities, including Oil and Gas Development Company Limited (OGDCL), to Sarmaya-e-Pakistan Limited (SPL).

The task force on institutional reforms and austerity has proposed the government to privatise/transfer the 44 state-owned entities (SOE) in Power Division, Petroleum Division, Industries and Production Division, Commerce Division and Finance Division to Sarmaya-e-Pakistan, official source told The Nation here Sunday.

The PTI government, soon after coming into power, had constituted a Task Force on Institutional Reforms and Austerity under Dr Ishrat Husain. The task force was asked to find ways to reform bureaucracy and make work of government institutions more efficient.

Similarly, in order to revive 193 loss-making enterprises, the federal government had decided to create a holding company, Sarmaya-e-Pakistan Limited. Sarmaya-e-Pakistan Limited - a Rs500 billion company – was formed to take managerial control of 193 state-owned enterprises (SOEs) and change their fortunes. The Sarmaya-e-Pakistan is 100 percent owned by the federal government and the shares held in the SOE by the government would be gradually transferred to this new established company. Initially 44 entities will be transferred to the SPL and ultimately all 193 enterprises will be handed over to the holding company, said the source.

In Commerce Division the departments recommended for /privatization/ transfer includes State Life Insurance Corporation , National Insurance Company Limited, Pakistan Reinsurance Company Limited.

The task force recommended that First Women Bank Limited (FWBL), SME Bank Limited and Industrial Development Bank Limited working under Finance Division should be privatised/transferred to the SPL.

In Industries and Production Division the privatisation/transfer of Sindh Engineering Limited, Republic Motors Private Limited, Pakistan Engineering Company Limited, Heavy Electrical Complex (HEC), National Fertilizer Corporation of Pakistan Limited, State Engineering Corporation(SEC), Morafco Industries Private Limited, Pakistan Automobile Corporation, Spun Yarn Research and Development Multan, Southern Punjab Embroidary Industries and Khadi Crafts Development Company have been recommended by the task force.

It has been recommended that Telephone Industries of Pakistan (TIP) working under Information Technology and Telecommunication should be transferred to the SPL.

In Petroleum Division, the Oil and Gas Development Company Limited, Pakistan Mineral Development Corporation and Pakistan Petroleum Limited (PPL) have been recommended for privatisation/transfer to Sarmaya-e-Pakistan.

In Power Division, Power Holding (Private) limited (PHPL), National Power Parks Management Company (Private) Limited (NPPMCL), Lakhra Coal Development Company Limited, Karachi, Government Holding (Private) Limited (GHL), Kot Addu Power Company (KAPCO), 1233 MW Balloki Power Plant, 1230 MW Haveli Bahadur Power Plant, all the Generation Companies (Gencos) and Distribution Companies (Discos) have been recommended by the task force for privatization/transfer to SPL.

In the same way, Jinnah Convention Centre Islamabad and Services International Hotel Lahore have been recommended for transfer to the SPL by the task force.

However it has been decided that National Book Foundation, which was earlier part of the transfer list, should be retained, keeping in view its educational role and be transferred to federal education and professional training.