ISLAMABAD: Business tycoon and politician Jahangir Tareen’s sugar mill, JDW Sugar Mills Limited, has joined the Pakgen-led consortium to buy Faisalabad Electric Supply Company Limited (FESCO). FESCO is among the couple of power distributions companies being privatized this year.
The JDW Sugar Mills disclosed the development to the Pakistan Stock Exchange today to fulfill its regulatory requirement. JDW Sugar Mills said the consortium approached it to participate in the transaction.
Consequently, its board approved an amendment to its Statement of Qualification.
Consortium Brings Major Firms Together
The proposed consortium includes 10 companies with interests across power generation, manufacturing, agriculture, engineering and sugar.
Besides Pakgen, members include Nishat Mills, Lalpir, Nishat Power, Nishat Chunian Power and Kohinoor Energy.
The group also includes Pak Elektron, JDW Sugar Mills, Deharki Sugar Mills and ATF Agri Sciences.
Furthermore, consortium members authorised Pakgen to lead matters related to the privatization process.
FESCO Deal Awaits Regulatory Approval
JDW said its participation remains subject to pre-qualification by the Privatization Commission.
The company also requires relevant corporate and regulatory approvals before proceeding with the transaction.
Therefore, JDW stressed that it has not assumed any binding obligation at this stage.
Earlier this month, the Privatization Commission issued a Request for Statement of Qualification for FESCO.
The government plans to privatize FESCO alongside Gujranwala Electric Power Company and Islamabad Electric Supply Company.
Meanwhile, the initiative forms part of broader efforts to restructure electricity distribution companies and attract private-sector investment.
The government expects private-sector participation to improve management, investment and efficiency across the power distribution system.
