According to a release addressed to PSX, Amreli Steels Ltd. announced that it will take 65% equity stake in a joint stake company with Qingdao Huijintang Power Equipment Co. Ltd., a Shanghai Stock Exchange listed company in China which is currently carrying out research, design, manufacture and distribution of transmission lines in and out of China.

The company will take the opportunity of the increase in Electric Generation and Power Supply in Pakistan and seeks to invest 65% in a project worth PKR 1.040 billion which will focus on transmission line development across Pakistan.

Both the parties have agreed to establish a joint venture company in Pakistan which will have the objective of production and sales of electrical transmission towers and metal structural products.

The company release can be accessed here.