The Board of Directors of K-Electric Limited (KEL) has approved incorporation of a private limited firm in Pakistan under the Companies Ordinance 1984. The proposed company is envisaged to be a fully owned subsidiary of KEL, said a company notice made public by the Karachi Stock Exchange on Friday.
The company would be responsible for undertaking assignments including but not limited to advisory, consultancy and technical services. Also, it would be empowered to enter into technical partner, operation and management (O&M) and other such agreements nationally and internationally in areas of generation, transmission and distribution of electricity and other projects as deemed expedient and related to the business of the company. The Board further gave a green signal to KEL to make investment in its proposed subsidiary as and when needed. This, however, would be subject to the completion of all statutory requirements and obtaining requisite regulatory approvals and after completing all necessary corporate actions.