The Board of the Privatisation Commission, chaired by Muhammad Ali, on Tuesday approved key decisions regarding the privatisation of major power distribution companies and the Roosevelt Hotel in New York.
According to an official announcement, the board gave approval for the privatisation of Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO). The recommendations have been forwarded to the Cabinet Committee for further consideration.
The board also decided to expedite the privatisation process of these distribution companies (DISCOs), with plans to invite investors in the near future. Officials believe that privatisation will help improve the electricity system and attract much-needed investment into the sector.
In a separate development, progress was reported on the privatisation of the Roosevelt Hotel. A consortium led by Citibank has been selected as the financial adviser for the transaction. Additionally, a committee has been formed to finalise the agreement related to the hotel’s privatisation.
The latest decisions reflect the government’s push to accelerate privatisation efforts aimed at economic reforms and infrastructure improvement.