On Monday, in the Punjab cabinet, Chief Minister Amarinder Singh took an initiative by approving the merger of Punjab Agro Juices Ltd (PAJL) with Punjab Agri Export Crop Ltd (PAGREXCO). The reason behind it is to promote agriculture and horticulture in the state by boosting the crop diversification programme.
The Cabinet approved the merger proposal of the Agriculture and Farmers’ Welfare Department based on the recommendations of the Board of Directors of PAGREXCO and PAJL boards and the committee of officials headed by the chief secretary.
An official spokesperson said after the cabinet meeting that the combined entity will be called Punjab Agri Export Corp Ltd. This combined entity also authorizes the Managing Director of Punjab Agro Industries Corporation Ltd (PAIC) to perform all acts and deeds which are crucial for the implementation of the merger scheme and to make this scheme effective.
The merger will lead PAJL and PAGREXCO to make better use of PAJL’s resources, create synergies, better economies of scale, expand operations, strengthen connections between farmers, and better reach consumers through back-and-forth connections, common branding and marketing, which will finally give benefit to the farmers and the agriculture sector of the state.
In accordance with the terms and conditions of the merger, the new entity is conceived as a company, and the entire decision will rest with the board of directors. The Chairman of the combined entity will be a prominent horticulturist with extensive agribusiness experience. The board of directors would be appointed according to their professional skills in the fields of horticulture, marketing and finance.
Punjab Agro Juices Limited (PAJL): Punjab Agro Juices Limited is a listed company incorporated on February 1, 2006. It is classified as a coalition government company and registered in the Chandigarh Companies Registry.
Punjab Agri Export Corporation Ltd (PAGREXCO): "Punjab Agri Export Corporation Ltd" is a leading manufacturer of various organic wheat flour, organic rice, organic Moringa powder, etc. located in District 28A (Chandigarh, India).
