Mughal Steel Joins Consortium to Bid for GEPCO Privatization

Mughal Iron & Steel Industries Limited has joined a consortium aimed at bidding for the privatization of Gujranwala Electric Power Company (GEPCO). The company's board approved its involvement in the consortium, with AKD Securities named as the lead member responsible for conducting business on behalf of the group throughout the privatization process.

Mughal Steel indicated that it received the Request for Statement of Qualification from the Privatization Commission pertaining to the GEPCO transaction. Nevertheless, the company emphasized that it has not committed to any specific terms related to the transaction at this point. Its participation is contingent upon pre-qualification by the Privatization Commission, undergoing due diligence, and complying with all necessary corporate and regulatory approvals.

GEPCO is among three state-owned electricity distribution companies in the initial phase of privatization, alongside FESCO and IESCO. The government intends to transfer 51% to 100% ownership and management control to private investors. This move is expected to enhance operational efficiency, lower power losses, modernize distribution infrastructure, and elevate customer service standards.