Chakwal Spinning Mills Limited has announced a major step in diversifying its business portfolio with an investment of over Rs. 1.6 billion in data center and cloud operations in Pakistan, according to a filing at the Pakistan Stock Exchange (PSX) on Wednesday.
The company’s board has approved a confirmed term sheet for an investment of Rs 1.1 billion, aimed at establishing a data center and cloud operations in the country. In addition, another term sheet worth Rs. 500 million is under consideration.
“The Board, by taking initiative, has approved/signed a confirmed term sheet for investment of Rs. 1.1 billion for the launch of Data Centre and Cloud Operations in Pakistan. Also, another term sheet of Rs. 500 M is under consideration and BOD has authorized the Chairman of the Company to finalize it,” read Chakwal Spinning’s notice sent to the PSX.
This strategic move is part of Chakwal Spinning Mills’ plan to enter new business lines, beyond its traditional operations in the textile sector. The BOD has authorized the company’s chairman to finalize the investment plans, which will be implemented in compliance with the Companies Act 2017 and relevant regulations.
In January 2024, Chakwal Spinning Mills announced a major transformation, rebranding itself as Infini Data Technologies Limited and shifting its primary business focus to Information Technology (IT).
In August 2024, Chakwal Spinning Mills signed the term sheet for an investment of Rs 7.784 billion with PNO Capital Limited for the launch of the data centre and cloud operations in the country.
