KARACHI: International Electric Power has received approval from the authorities to acquire shares in Sindh Engro Coal, as Engro Energy Limited offers to sell 11.9 percent of its stake in the company, ARY News reported on Monday.
This strategic move allows International Electric Power to become a significant stakeholder in Sindh Engro Coal Mining Company.
Sindh Engro Coal Mining Company operates under the regulatory supervision of the Thar Coal Energy Board and the Government of Sindh.
With the partnership formed through the sale of shares, the country’s coal production is expected to increase through the implementation of advanced technology.
Engro Energy Limited’s decision to sell a portion of its stake aims to attract investment and foster growth within the coal mining sector.
Earlier in August, the Chief Minister of Sindh Murad Ali Shah said that the Sindh government had 10 years ago called for investment in the wind and solar energy, now entire country wants investment in it.
Talking to Lahore’s media persons here, Sindh’s Chief Minister said that electricity has become a very serious issue. “The cheapest electricity being generated in the country with Thar coal power plants,” he said.
He said Thar coal power plants generating over 3,000 megawatts of the electricity. “This electricity supplied to the national grid and later Faisalabad,” he pointed out. “Thar’s electricity not supplied to Sindh,” he said.
“Thar coal could generate cheaper electricity for Pakistan,” he said. “We can create jobs and increase exports with industries running on Thar coal,” CM Shah suggested.
Sindh’s chief minister urged for comprehensive restructuring of the power sector.
