Two RLNG power plants: due diligence begins

The Ministry of Privatisation has started due diligence in the process of privatisation of two RLNG-based power plants - Haveli Bahadur Shah and Balloki - with an objective to complete the transaction by the end of the current financial year.

The Ministry of Privatisation has pre-qualified 12 companies for the privatisation of two RLNG-based power plants located at Haveli Bahadur Shah and Balloki. In this regard, a delegation from Thailand Investment Company, Global Power Synergy Public Company Limited (GPSC), Thailand, called on Federal Minister for Privatisation Mohammedmian Soomro on Monday.

The delegation was briefed about the power plants and their existing and future status in the energy matrix. Global Power Synergy Public Company Limited (GPSC) is a flagship that operates the power generation business to support growth of the group as well as other industries.

The GPSC is also involved in other businesses, while seeking opportunities for investment in power projects, both domestic and overseas.

It is also determined to develop technologies for improving energy storage in its attempt to become a leading power company that is internationally recognised for innovation and sustainability.

A comprehensive presentation to that effect was also presented, explaining power sector framework, organisational functioning, prevailing energy scenario and also increase in demand for power.

Soomro said, "We encourage foreign investment and Ministry of Privatisation is committed to facilitate the foreign investors in all areas by providing business friendly, efficient and conducive environment."

"It was apprised that the privatization of profitable power plants of Haveli Bahadur Shah and Balloki is expected during this fiscal year. The 12 pre-qualified companies have already started their due diligence of the plants," the federal minister said.

He said that to equip the investors with relevant information regarding the plants, the Virtual Data Room (VDR) was inaugurated in National Power Parks Management Company Limited (NPPMCL); the huge data base will provide all essential detail to the investors.

"The existing data comprises a huge volume of documents and 474 specialised folders," he said.

On a question it was briefed by the federal minister that one-window facility arrangement exists for all independent power producers in the country and the same will continue post privatisation, the foreign investors are assisted and will be assisted in matters including dividends, taxation and other related subjects.

GPSC CEO Chawalit Tippanich said that he was highly impressed by the professionalism and efficiency of the Ministry of Privatization and said that all the queries from the GPSC had been comprehensively addressed.