Islamabad: The Privatisation Commission (PC)’s board on Tuesday recommended to lease out Pakistan Steel Mills (PSM) for 30 years.

The PC meeting was held in Islamabad under the chairmanship of Minister of State for Privatisation Mohammad Zubair.

The board approved the transaction structure for the proposed lease agreement and decided against selling off any of PSM's assets. PSM’s land will remain with the government while the plant and machinery will be handed over to the new company for a maximum of 30 years, a press release said.

The recommendations have been forwarded to the Cabinet Committee on Privatisation, which will decide whether the proposal should be approved or not.

According to reports, the future investor, the federal government and PSM will be parties to the lease contract on a revenue-sharing basis.