Govt reviews feasibility of privatising DISCOs

Management of IESCO, FESCO and HESCO under a public private partnership mode under consideration

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has directed the Privatisation Commission (PC) to present a detailed presentation on the management of distribution companies (DISCOs) including IESCO, FESCO and HESCO under a public private partnership (PPP) mode.

The decision was taken after the Privatisation Commission tabled a summary before the CCoP regarding the private sector’s participation in the management of DISCOs. The cabinet committee’s meeting was chaired by Federal Minister for Finance and Revenue Miftah Ismail here on Tuesday. Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Privatisation and Chairman PC Abid Hussain Bhayo, Special Assistant to the PM on Government Effectiveness Dr Muhammad Jehanzeb Khan, federal secretaries and other senior officials were in attendance. 

At the same time, the Power Division was directed to hire a reputed valuation firm for carrying out a complete evaluation of assets owned by DISCOs so that the government can gauge their financial health. 

In its meeting on June 24, the CCoP had constituted a sub-committee to review the Services International Hotel, Lahore (SIH) transaction. During Tuesday’s meeting, the  Privatisation Commission also presented a report of the sub-committee regarding the matter. 

According to the report, a fresh valuation of the property was conducted through an independent Punjab based valuer, A. J. Valuers Association (Pvt.) Ltd. After a detailed discussion, the CCoP directed the commission to submit the summary through the Ministry of Law and Justice. 

Moreover, the CCoP deferred a summary related to addressing pending issues in the transaction of the Heavy Electrical Complex (HEC).

 

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