Bestway Cement, Engro, Turkish firms among 10 Investors shortlisted for IESCO Privatisation

The race to privatize Islamabad Electric Supply Company (IESCO) is intensifying as 10 major investors, including prominent Pakistani business groups and three Turkish energy firms, have been shortlisted to acquire the electricity distribution company. This move signals a significant advancement in Pakistan's privatization drive, aiming to sell a controlling stake ranging from 51% to 100% with management control. The shortlisted entities, which include Bestway Cement, Engro Energy, HUBCO, Aktor Elektrik, Genvera Enerji, and Cengiz Enerji, will now gain access to IESCO's Virtual Data Room to evaluate its financials and operations. This development is crucial for Pakistan's power sector reforms, attracting both foreign and domestic interest in a key state-owned entity, with further approvals also reportedly made for FESCO, ZTBL, and State Life Insurance Corporation.