PAKISTAN To Transform Heavy Industries Taxila Into A Corporate Entity:
PAKISTAN has decided to transform the State’s Premier Defense Enterprise Heavy Industries Taxila (HIT) into a corporate entity after the legislation passed in the Senate in the last Week of August 2019.
The legislation named “The Heavy Industries Taxila Board Amendment Bill 2019 will help to expand the horizons and domains of Heavy Industries Taxila (HIT) to further expand its commercial activities with the help of joint venture with National and International Firms.
Under the legislature the Heavy Industries Taxila (HIT) will transform into a limited company and it will also be registered with the Securities and Exchange Commission of PAKISTAN (SECP).
Now, the State’s Premier Defense Enterprise would be able indigenously manufacture the different commercial products as tanks, automobiles, railway wagons and prime movers in the same facility.
The Heavy Industries Taxila Board Amendment Bill 2019 was approved by the National Assembly of PAKISTAN and was forward to the Senate for consideration back to May.
The recent move of Transformation of Heavy Industries Taxila (HIT) into a corporate entity will help PAKISTAN to further expand its defense capabilities by different agreements, joint ventures and Memorandum of Understandings (MoUs) with different National and International Firms and companies.
Moreover, the other objective of transforming the Heavy Industries Taxila into a corporate entity will also help to generate more funds and revenues to support the PAKISTAN’s Annual Defense Budget.
This will result in the overall increase of more revenue, which would help to further boost the production and manufacturing activities of HIT.
The move will also help PAKISTAN in its effort to move incrementally towards self-sustenance particularly in the Defense Sector of PAKISTAN.
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