News
Monday, September 24, 2012
Czech group to launch steel venture in Pakistan
* Project comprises steel billets making plant and power houseKARACHI: A Czech Group prepares to launch Euro 600 million steel venture in Pakistan.
An announcement here on Sunday said that a delegation of Santex Pakistan Limited (SPL) apprised Murad Ali Shah, Sindh Finance Minister, and Muhammad Zubair Motiwala, Chairman Sindh Board of Investment (SBI), about the establishment of steel billets making plant of 1.2 million tonnes capacity per annum and 300 MW coal-fired power plant during a meeting at the Sindh Board of Investment.
It said that the project would be launched at Bin Qasim close to Pakistan Steel Mills.
Santex Pakistan Limited is a subsidiary of Santex Group based in Czech Republic. The meeting was chaired by Sindh Finance Minister along with Chairman SBI and was attended by Secretary Finance, Secretary Coal and Energy Department, Secretary Energy, DG SBI and other government officials.
Brig (r) Ashraf Executive Director SPL further informed the participants that a cooperation agreement with the suppliers has been concluded and project financing had already been secured on this month during the recent Bron International Trade Fair in Czech Republic.
SPL has also arranged the full amount of equity for the project and was planning to formally announce the project and financial close during the month of October 2012 at a befitting ceremony in Prague.
Explaining the salient features of the project, it was told that 300 MW power plant had excess capacity of more than 150 MW, which would subsequently be made available to the national grid.
It is expected that project would be completed in 30 months time i.e. by June 2015.
Murad Ali Shah appreciated SPL for bringing such a huge project and FDI in Pakistan and assured complete support of the Sindh government in the project at all levels.
SPL team expressed their complete confidence in Pakistan and thanked the minister and Sindh Board of Investment for their patronage and assurance of support for this venture. app
Courtesy www.dailytimes.com.pk