• AsiaPak acquired 54% of shares of K Electric.
• The citizens will get cheap electricity in near future.
• Investments will be made in coal, wind, and solar.

KARACHI: Good news for the citizens of Karachi from the new owner with 54% shareholders of K Electric, Head of AsiaPak Investments Shehryar Chishti announced to give cheap electricity to the citizens of Karachi.

Shehryar Chishti told the media on Wednesday. In the meeting, it was said that the control of K Electric will soon come to AsiaPak because AsiaPak has acquired 54 percent of the shares of K Electric.

Shehryar Chishti said that in the next five and a half to three years get cheap electricity for Karachi. He said billions of dollars will be invested.

He said that for cheap electricity, investments will be made in coal, wind, and solar and firstly the imported coal power plant in Jamshoro will be shifted to Thar coal, 660 MW Jamshoro plant is ready and the Jam A plan is also ready to transfer Shoro coal plant to generate electricity on Thar coal, by shifting this plant to coal, cheap electricity can be obtained from local coal in the next six months.

Shehryar Chishti further said that Jamshoro plant The transition to local coal will cost 50 million dollars, another 660 MW local coal plant will be installed in Jamshoro, 3000 MW of cheap electricity will be obtained from wind and solar in the next five years, in this project. There will be an investment of two and a half billion dollars and this investment will be supported by investors from the United Arab Emirates.

He said that they are ready for the sale of K Electric to Shanghai Electric, and Pakistani banks should finance the coal projects.

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Shehryar Chishti said that K Electric will not pay any dividend until the generation average is less than the countrywide average.