ISLAMABAD:
After nearly two years of successful bidding, the Privatisation Commission officially handed over the Heavy Electrical Complex (HEC) to the buyer, IMS Engineering (Pvt) Ltd, on Tuesday. The state-owned company was sold in February 2022 for Rs1.4 billion to IMS Engineering, marking the sole privatisation transaction during the Pakistan Tehreek-e-Insaf (PTI) tenure.
HEC, situated in Hattar, Khyber-Pakhtunkhwa, is owned by the State Engineering Company. Specialising in manufacturing power transformers of 132 kilovolts and 66 kilovolts, this facility holds strategic importance.
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The privatisation of the HEC concluded with the formal handover of share certificates to the buyer, IMS Engineering. The ceremony took place in the presence of the Caretaker Federal Minister for Privatisation, Fawad Hasan Fawad, as announced by the Privatisation Ministry on Tuesday.
Mahmoud Haq, Chairman of IMS Engineering, shared the company’s plans for HEC. The focus is on better utilisation, aiming for exports ranging from $250 million to $300 million within the next two to three years. IMS Engineering plans to replace the current setup with state-of-the-art German-made machinery and equipment.
Published in The Express Tribune, January 3rd, 2024.
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