Railways Fetches Rs 1487.691 During Last Three Years

Railways fetches Rs 1487.691 during last three years

ISLAMABAD, Nov 8 (Pakistan Point News - APP - 08th Nov, 2016 ) : Pakistan Railways has fetched Rs 1487.691 million in last three years through transparent auction of scrap to ten companies. Giving year wise details, an official in the Ministry of Railways told APP that in 2013-14 Pakistan Railways sold Rs 979.883 million, in 2014-15 Rs 450.806 million and in 2015-16 sold Rs 57.002 million scrap. He said the Names of ten main buyers including M/s.

Nawaz Khan Trading Company, Lahore, M/s. PIOMA Trading Corporation, Lahore, M/s. Zahir Khan & Brothers, Islamabad, M/s. Scrap Point, Lahore, M/s. K & Y Trading Co. Lahore, M/s. Bismillah Metal Impex, Gujranwala, M/s. Qaisar Metal Mart, Gujranwala, M/s. Al-Karam Enterprises, Gujranwala, M/s. Javed Rehman, Lahore and M/s. A.M Trading Company, Lahore. "It is intimated that Pakistan Railways never purchased scrap for its departmental use as this requirement is also met out of the scrap generated within the department as a regular feature," he added.

Regarding the policy of scrap, he said the tenders are widely publicized through advertisement on daily newspaper and Pakistan Railways website. The scrap lots are made of similar nature items and lot size one M.Ton to 200 M.Ton depending upon the nature of scrap, the official added. He said the bids are opened in the presence of three Grade-19 Officer's committee and the successful bidder is to deposit 35 percent payment at the time of signing the contract while remaining 65 percent amount is paid with-in delivery period of the contract. "The delivery of scrap is made in during day time and in the presence of Store, Vigilance, Accounts and Police Departments representatives, he added.