Islamabad: (RightNow) The government has made significant progress in the privatization of Faisalabad Electric Supply Company (FESCO). The Privatization Commission reports that 12 investor groups have expressed interest in purchasing shares in FESCO.

Among these, 8 are Pakistani and 4 are foreign groups. Pakistani groups include Nishat Group, Engro Energy, and Hub Power Holdings, while Turkish and Chinese companies are also interested.

The federal cabinet has approved the privatization of 3 power distribution companies. FESCO’s privatization was halted in 2016, but efforts have now resumed.

Privatization Commission Chairman Muhammad Ali stated that investor interest reflects confidence in the power distribution sector. He mentioned that the aim of privatization is to enhance system performance and improve customer services.

It is noteworthy that FESCO, GEPCO, and IESCO are included in the first phase of privatization. The deadline for GEPCO is August 21, while for IESCO, it is September 7.