KARACHI: China has offered to set up the proposed Heavy Foundry and Forge at Taxila at a reduced cost and with increased production. Besides, China has expressed its readiness to meet the entire cost of the project.

In a project report, submitted to the WPIDC, the Chinese experts who visited Pakistan early this year have estimated the cost of the project at Rs 11 crore with a foreign exchange component of Rs 5.3 crore.

The project, which was earlier found feasible after an extensive survey conducted by a German firm, was estimated to cost Rs 13.5 crore with a foreign exchange of Rs 7.9 crore.

The Chinese experts have further assured that reduction in the cost of the project would not affect production which, on the other hand, was likely to be increased.

The plant, which will be the first of its kind among the WPIDC’s heavy engineering projects, will, according to the project report, produce 60,000 tons of steel castings and 5,000 tons of iron castings per year — double the production estimated earlier.

The WPIDC experts had planned the foundry production at 25,000 tons of steel castings and 2,300 tons of iron castings annually.— Correspondent

Published in Dawn, November 6th, 2018