PM Shehbaz directs to accelerate privatisation process of power DISCOs

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Tuesday directed the relevant authorities to accelerate the privatisation process of electricity distribution companies (DISCOs), underscoring that the government's agenda includes reducing the burden of financially struggling state-owned enterprises by transferring them to the private sector.

Presiding over a high-level meeting to review progress on the matter, the prime minister directed concerned authorities to ensure that the entire privatisation exercise is carried out in a transparent manner.

He also called for the immediate development of a comprehensive regulatory system to oversee the sector once the distribution companies are handed over to private operators.

During the briefing, officials informed the meeting that the initial phase of the privatisation programme would cover Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO).

They noted that Expressions of Interest (EOIs) inviting potential investors have already been published in both domestic and international newspapers.

The meeting was further informed that the Cabinet Committee on Privatisation has approved the proposed transaction framework for the sale of the three electricity distribution companies.

Officials also shared that international roadshows aimed at attracting prospective investors are scheduled to begin this month. These outreach events will target investors from Saudi Arabia, Turkiye and China to generate interest in the upcoming transactions.

The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Azam Nazeer Tarar, Ahad Khan Cheema, Muhammad Aurangzeb and Sardar Awais Leghari, Adviser to the Prime Minister Muhammad Ali, Minister of State Bilal Azhar Kayani, as well as other senior government officials.