Mughal Iron & Steel Industries Limited has joined a consortium with Fast Cables, AKD Securities and AJCL (Private) Limited to participate in the privatization of Gujranwala Electric Power Company (GEPCO).
The company’s board has approved its participation in the consortium, with AKD Securities designated as the lead consortium member to conduct business on behalf of the consortium during the privatization process.
Mughal Steel said it has obtained the Request for Statement of Qualification issued by the Privatization Commission for the GEPCO transaction.
However, the company clarified that it has not assumed any binding obligation regarding the transaction at this stage.
Its participation remains subject to pre-qualification by the Privatization Commission, due diligence, and all required corporate and regulatory approvals.
GEPCO is one of three state-owned electricity distribution companies in the first batch of DISCOs being privatized by the government, alongside FESCO and IESCO.
The government plans to transfer 51% to 100% ownership along with management control to private investors, with the process aimed at improving operational efficiency, reducing power losses, modernizing distribution infrastructure and strengthening customer service.
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