CPEC Industrial zone gets 1500 acres land from PSM
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ISLAMABAD: The board of directors of Pakistan Steel Mills (PSM) on Friday gave approval to giving 1,500 acres of its land on lease for the construction of an industrial zone under the China-Pakistan Economic Corridor (CPEC), but left price decision on independent assessors.
The board also agreed to give another 930 acres for building the National Industrial Park (NIP) at book value of Rs13 million per acre.
The book value is significantly lower than market rates, which go up to Rs20 million per acre. A committee will negotiate with NIP management to settle the years-old issue.
