STAFF REPORT KHI: Pakistan Textile City Limited has decided to take formal approval from the Ministry of Textile Industry to sign a joint venture with K-Electric for setting up a 600 MW coal-based power project. K-Electric has presented a proposal to Pakistan Textile City for a joint venture of 600 MW coal-based power project in the Textile City which will help to supply cheap power, steam and hot water to value-added textile industries in the Pakistan Textile City zone.
The proposal was discussed in the 58th Board of Directors meeting of Textile City Limited recently held in Karachi.
After reviewing the proposal, the meeting granted approval of the agreement. As both the parties are agreed in principle for the proposed joint venture, the Textile City Board has also decided to forward its recommendation to the Ministry of Textile Industry for the approval.A joint venture agreement will be signed with K-Electric, when the ministry will grant formal approval, sources said and added that K-Electric has acquired expertise in coal-powered electricity generation as they are in process to convert their two units at Bin Qasim from furnace oil to coal.