Right to Information Act, 2005
Punjab Agro Industries Corporation Limited (PAIC)
The particulars of its organization, functions and duties – back
Punjab Agro Industries Corporation was incorporated in February, 1966 in accordance with the provisions of the Companies Act, 1956. Presently the authorized share capital of the Corporation is Rs. 7500 lacs and the paid up capital is Rs. 4920.86 lacs. Memorandum & Articles of Association of Punjab Agro Industries Corporation Limited.
PAIC is the premier organization of Punjab Government, entrusted with the responsibility of promotion and facilitation of agro based industries including agro processing, dairy processing, poultry processing, agro residue processing, food & horticulture processing, agro chemicals manufacturing etc. in Punjab. PAIC has promoted 44 units in financial collaboration with private promoters. These projects have been setup with a total investment of Rs. 7050 million including PAIC’s equity contribution of Rs.692 million. In 1997 PAIC took on the task of procurement of wheat and paddy and since then that activity has overshadowed its prime role of promoting agro based industries. The activities were therefore restructured mainly aimed at achieving focused aims and objectives of PAIC as the primary agency for development of value added agro processing in the State and also create special purpose vehicle to spearhead the move to diversify Punjab’s Agriculture away from the paddy-wheat cycle through Contract Farming. PAIC identifies viable projects in the above areas, enters into financial and /or technical collaboration with suitable co-promoters and assists in obtaining all kinds of official sanction, licenses, permits and arranging for other infrastructural facilities for proper, efficient and economic working of new projects. PAIC’s provides equity support up to 26% of total equity of technically feasible and economically viable projects subject to the approval of Project Approval Board (PAB) of the State Government.
PAIC also provides secretarial support to the Empowered Committee of Punjab Government for Agri Mega projects. PAIC receives and processes applications, submits agenda to the Screening Committee and Empowered Committee for their consideration and approval. PAIC also follows up with concerned departments facilitating release of concessions under this scheme.
The provisions of new Agro Industrial Policy 2009 notified by the State Government, would be implemented through PAIC.