Roads End

All assets of state owned construction firm Road Construction and Development Company (RCDC) is to be packaged and sold off following its shut down last year.

State privatization arm PERC has called for consultants to help value the assets including plants, machinery, quarries and workshops, which can be sold as ongoing commercial concerns.rn

rnThe consultants will identify all of the assets to be offered for sale, value the assets, package and draw up the paperwork to implement the sale.rn

rnThe Road Development Authority owns most of the assets managed by the firm, with only some owned entirely by RCDC.rn

rnUncompetitive prices, political meddling in procuring projects and persistent losses, saw the firm closing shop, laying off 2000 employees. rn

rnThe Treasury has agreed to fund the retirement package for its workers in the grades of drivers, mechanics, operators and engineers. rn

rnEmployees will get a final payout of between Rs. 600,000 endash Rs. 750,000 each.rn

rnThe state-run