Pakistan: Lucky plans 660MW power project

Directors of Lucky Cement have asked shareholders permission to set up of a 660MW coal-based power project in Karachi through the  Lucky Holdings Limited (LHL) subsidiary, according to Reuters. The proposal will be considered in the company’s September annual general meeting.

A new company, Lucky Electric Power Co Ltd (LEPCL) will set up the plant which is expected to cost INR20bn (US$200m). Lucky Power will be a wholly-owned subsidiary of LHL and a 75 per cent indirect subsidiary of the company. It will be the project’s main sponsor and hold 75 per cent equities via LHL. Implementation of the power project is subject to all regulatory approvals and required consents, says Reuters.