K-Electric, NIP sign MoU

KARACHI: K-Electric and National Industrial Parks Development and Management Company (NIP) have signed a memorandum of understanding on Wednesday, a statement said. The MoU was signed by Moonis Alvi, CEO of K-Electric, and Rizwan Bhatti, CEO of NIP, in the presence of Abdul Razzak Dawood, Adviser to Prime Minister on Commerce, and other prominent businessmen at the PIDC House, it added.

Under the MoU, KE will develop a 64MW grid and 132kV transmission line, extendable as per the future needs, at an initial tentative cost of Rs1.8 billion, it said.

At the same time, NIP will seek approval from the federal government for funding support under the Special Economic Zones Act 2012.