ISL's board approves Rs1bn solar project at Karachi facility

MG News | January 29, 2024 at 05:09 PM GMT+05:00

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January 29, 2024 (MLN): The Board of Directors (BoD) of International Steels Limited (PSX: ISL) has approved the company to undertake a 6.4 MW Solar Power Project at its Karachi factory, as revealed in the company's filing on the local bourse today.

The project is expected to be completed in the 1st quarter of fiscal year 2025 and the estimated cost of the project is Rs1 billion.

The company's initiative for investment in solar energy projects will play a key role in cost saving, reduction of the country's reliance on imported fuel, and enforcing the company's commitment towards sustainable environment practices, reduction of carbon footprint, and move towards Green Energy.

The primary activity of ISL is the business of manufacturing cold-rolled, galvanized, and color-coated steel coils and sheets.

At the time of writing, the company's scrip is being traded at Rs73.25, up by 80 paisa or 1.1% compared to its previous closing.

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