KARACHI, June 28: The board of directors of Pakistan Industrial Development Corporation (PIDC) has approved the setting up of a state-of-the-art Moulds and Dyes Centre in Karachi at a cost of Rs450 million to facilitate local development of components for the industry.

Federal Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen chaired the 65th meeting of the PIDC board here on Monday. He was briefed about the various projects under study and taken up by the PIDC.

The board was informed that PIDC, a profit-earning corporation was expected to earn a pre-tax profit of Rs300m for the next year.

The board appreciated the efforts made by PIDC management for achieving the target fixed for the current financial year.

The progress report of newly formed company — National Industrial Parks Development and Management Company — was presented to the board.—APP