On Tuesday, it was learned K-Electric has received “withdrawal” of Public Announcement of Intention (PAI) for the acquisition of up to 66.40pc voting shares of K-Electric Limited by Shanghai Electric Power Company Limited.
K-Electric had submitted an application for the same on 18 May 2020, so as to ensure the pipeline would be built in time for the commissioning of the first unit of BQPS-III.
The creation of KEVCL is part of the diversification strategy of the Company to get into allied businesses and create new revenue streams for KE. KEVCL will be a subsidiary of KE and is intended to be the holding company for all such investments to be made by KE.
The additional investment will be over and above budgeted investment of Rs24.4bn for the upgradation of infrastructure and advancement of protection in distribution network.
24 hours have passed since the power outage in Quaidabad, Gulshan-e-Bunir, Gulshan-e-Hadid, and Gulshan-e-Maymar, power is off in Gulistan-e-Jauhar Block 19, Gulshan-e-Iqbal 13D, 13C as well.