IMS Engineering Successfully Acquires Pakistan's Heavy Electrical Complex in Privatization Deal

The privatization process of the Heavy Electrical Complex (HEC) reached its culmination on Tuesday as IMS Engineering (Pvt) Limited officially took ownership, as indicated by a press release issued today. Caretaker Federal Minister for Privatisation, Fawad Hasan Fawad, presided over the ceremony where share certificates were handed over to the buyer.

In the finalization of the Rs1.4 Billion transaction, IMS Engineering not only fulfilled the complete payment but also assumed additional liabilities amounting to Rs752 million, owed to the Bank of Khyber. The Bank of Khyber provided a No Objection Certificate (NOC) to signify the successful conclusion of the transaction.

Minister Fawad extended congratulations to all stakeholders involved in facilitating the sale agreement, acknowledging the contributions of the SIFC, State Bank of Pakistan, Ministry of Finance, Ministry of Industries, Chief Secretary KPK, the Bank of Khyber, the Financial Advisor, and the Privatisation Commission team.

Mahmoud Haq, Chairman of IMS Engineering, shared plans for optimizing the facility's usage, revealing aspirations to achieve exports ranging from 250-300 Million Dollars within the next two to three years. He emphasized the replacement of the current infrastructure with cutting-edge German-made machinery, aiming to meet both local demand and enhance exports.

The Federal Minister expressed best wishes for the success of IMS Engineering, anticipating that the privatization would lead to heightened productivity, job creation, increased tax revenue, and greater foreign exchange earnings for the country.