The State Government has accepted a proposal for converting a consortium of superannuated officials of varied skills and expertise into a company. The proposal was submitted by a subcommittee chaired by Principal Secretary, Department of Planning and Economics, an official spokesman said here.
The government intends to make use of latent expertise available in this manner by setting up a company in the private-public partnership mode with 26 per cent equity each. The company will raise capital by selling promoter shares in the market.
The government equity will be in the form of seed money only; it would not be involved in any other manner with the company. Minister of Planning will be the chairman of the board comprising a maximum of nine members who will be drawn from varied fields. Secretary, Planning, will be the vice-chairman of the board.