Engro to invest $21.375 million in 330MW Coal Power Generation facility

Engro Corporation Limited (ENGRO) today announced that an investment of “an amount up to $21,375,000 in Siddiqsons Energy Limited (Special Purpose Vehicle) set up to develop approximately 330MW of Thar coal-fired power generation facility in Block II, District Tharparkar, Sindh.”

The Engro Corporation in a meeting held on April 30^th April, 2018 at Karachi resolved – subject to execution of relevant agreements – to invest an amount of up to USD 21,375,000 by way of subscription of ordinary shares in Siddiqsons Energy Limited.

The notice further mentioned that, “therefore, on May 04, 2018 the Company, Siddiqsons Limited & Arif Habib Equity (Pvt.) Limited have entered into a Joint Venture Agreement to set forth the terms and conditions governing their relationship and to record their respective rights and obligations in relation to the management and functioning of the SPV and other incidental matters relating to the SPV.”

Furthermore, the company has entered in a project management and functioning of the SPV and other incidental matters relating to the SPV.

The project will be on a built, operate and own basis.