Nishat Group abandons power project

KARACHI: Nishat Chunian Power Limited has announced that it has abandoned the planned 660MW coal-based power plant project, which was to be setup in Jhang, Punjab.

“The proposed project has been abandoned mainly due to logistics issues,” Mohammad Bilal at Nishat Chunian said.

In September 2014, Nishat Chunian Limited had signed a letter of interest (LoI) issued by the Punjab Power Development Board (PPDB) for setting up 1x660MW coal-based power project in Jhang. Nishat Chunian signed the LoI as the main sponsor on behalf of the consortium, comprising Nihsat Chunian Limited, DG Khan Cement Company Limited and Adamjee Insurance Company Limited.

Another Mansha Group company, Nishat Power Limited, as a main sponsor on behalf of the consortium, comprising Nishat Mills Limited, Lalpir Power Limited and Pakgen Power Limited, had signed a letter of interest (LoI) issued by the Punjab Power Development Board (PPDB) for setting up a separate 1x660MW coal-based power project in Jhang.

An analyst said that if Nishat Chunian abandoned the project in Jhang due to logistics issues, Nishat Power Limited might also face similar issues.