MUGHAL bolsters portfolio with Mughal Energy acquisition

MG News | November 30, 2023 at 02:40 PM GMT+05:00

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November 30, 2023 (MLN): Mughal Iron & Steel Industries Limited (PSX: MUGHAL) has completed the acquisition of Mughal Energy Limited (MEL), marking a significant strategic move in the industry, the company’s filing on PSX showed today.

Accordingly, MEL is now the company's wholly-owned subsidiary with effect from November 30, 2023. This will further enhance the strategic and competitive positioning of the company.

Land and hybrid power plant had already been procured and imported by MEL, whereas, a local contract for the civil work, errection and installation has also been awarded.

The plant is expected to be commissioned within 18 months from the construction start date, which was started recently.

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