Latest news with #Rs30
Business Recorder
19 hours ago
- Business
- Business Recorder
Privatisation of discos: NA panel raises objection to selection criteria
The National Assembly Standing Committee on Economic Affairs Division raised serious objections on Wednesday to the selection criteria for the privatisation of power distribution companies (discos). Pakistan government plans to sell loss-making, state-owned discos, starting from Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO). It has also appointed a financial advisor for privatisation of the three electricity distribution companies. The committee meeting convened on Wednesday under the chairmanship of Muhammad Atif at Parliament House, Islamabad. 'The committee thoroughly examined the proposed privatisation of three power distribution companies - Islamabad Electric Supply Company, Gujranwala Electric Power Company, and Faisalabad Electric Supply Company - raising serious objections to the current selection criteria,' the NA Secretariat said on Wednesday. 'Members unanimously expressed concerns to the methodology that exclusively targets discos with minimal transmission and distribution losses for privatisation.' The committee emphasised that by limiting privatisation to only the most efficient utilities, the government would be compelled to retain chronically underperforming discos, thereby exacerbating existing operational challenges and making their eventual privatisation virtually unattainable. Meanwhile, the Power Division in the Wednesday meeting presented a comprehensive overview of Pakistan's current power generation capacity to the Standing Committee, reporting a total installed capacity of 39,952 megawatts (MW). 'The energy mix analysis revealed a concerning imbalance, with fossil fuel-based generation accounting for 54% compared to just 46% from clean energy sources,' the NA statement read. PIA sell-off: Fauji Fertilizer, Air Blue, and 3 consortiums submit Statements of Qualification The committee was informed that Pakistan's power sector was facing a significant surplus of approximately 7,000 to 8,000 MW in electricity generation capacity. 'Members expressed serious concern over the substantial financial burden imposed by capacity payments for this unused electricity, which continues to strain the national exchequer despite serving no practical purpose.' With its plan to privatise a number of state-owned entities, the government missed a modest target of collecting Rs30 billion (later revised to Rs8 billion) through privatisation proceeds in the financial year 2024-25. For the current fiscal year (FY26), the government has budgeted Rs86.550 billion collection from privatisation proceeds.
Time of India
5 days ago
- Time of India
Two constables held in graft case
Pune: The state anti-corruption bureau (ACB), Pune, on Friday, arrested two police constables with Ravet police station while accepting a bribe of Rs30,000 from a lawyer for helping him in a case of dowry harassment by weakening the chargesheet. The constable who was investigating the case, had demanded Rs50,000 from the lawyer and later agreed on Rs30,000. She was caught red handed while accepting a bribe at the police stationThe secondconstablewas arrested for helping the first. TNN
Hans India
5 days ago
- Business
- Hans India
SBI gets 4x bids for Rs 20,000-cr QIP
New Delhi: Qualified institutional placements (QIPs) witnessed a resilient growth in July so far, led by State Bank of India's (SBI) recent fundraise, taking the total QIP fundraising to a five-year high of over Rs30,000 crore. QIPs are a way for listed companies to raise capital without having to submit legal paperwork to market regulators. Ten issuances have offered over Rs30,470 crore so far this month. It is the biggest monthly performance of QIPs since September 2020, when companies had collectively raised over Rs39,000 crore. Driving this surge was the State Bank of India's (SBI) historic QIP on July 17, which mobilised over Rs20,000 crore. The offering drew robust investor interest, with demand reportedly outstripping supply by nearly four times. According to multiple reports, the SBI QIP has received significant interest from global and domestic investors worth around Rs1 lakh crore. July also saw a flurry of other notable QIP deals. CG Power raised over Rs3,000 crore, while Marathon Nextgen and Navin Fluorine collected Rs900 crore and Rs750 crore, respectively. Several other mid- and small-cap firms also tapped into institutional funding during the month. The fundraising momentum in 2025 has remained strong beyond July. In the year so far, Biocon raised Rs4,500 crore through a QIP, followed by Hitachi Energy (Rs2,500 crore), IREDA (Rs2,000 crore), UCO Bank (Rs2,000 cr), and Capri Global Capital (Rs2,000 cr). In June alone, seven companies together raised over Rs14,000 crore. Altogether, 30 companies have raised close to Rs60,000 crore via QIPs so far in 2025. This shows the robust activity seen in 2024, when 95 firms mopped up more than Rs1.37 lakh crore.
Express Tribune
6 days ago
- Business
- Express Tribune
Funding crunch delays K-IV project
Listen to article For years, the K-IV project has been viewed as a lifeline for Karachi's residents suffering from chronic water shortages. Yet it appears that the financial and administrative hurdles plaguing the completion of the project are here to stay for another four to five years. Originally launched in 2016 under the Sindh government and Karachi Water and Sewerage Corporation (KWSC) with an initial PC-1 cost of Rs25 billion, the K-IV project aimed to supply 260 million gallons per day (MGD) to Karachi within two years. However, due to severe mismanagement and design flaws, the project was halted in 2018 after achieving only 20 per cent progress. In 2021, the federal government transferred control of the project to the Water and Power Development Authority (WAPDA), which redesigned it, inflating the project cost to Rs126 billion. Construction resumed in 2022, with a revised completion target of December 2025. A WAPDA official, speaking on the condition of anonymity, confirmed that over 63 percent of the project has been completed, however, due to rising construction material costs, an additional Rs30 billion is required. "A revised PC-1 has been submitted to the federal government for approval, but the project has reportedly been downgraded from the government's priority list. Against the remaining Rs40 billion requirement, only Rs3.5 billion has been allocated in the current budget, causing work stoppages on two filtration plants and a major pipeline section, while other components are progressing at a sluggish pace," confirmed the official. Efforts to obtain official comments from WAPDA General Manager (South) and K-IV Project Director Aamir Mughal remained unsuccessful, as repeated attempts to contact his office yielded no response. Reportedly, the core component of the K-IV project involves laying an underground pipeline from Keenjhar Lake to Karachi's Kathore area, supervised by WAPDA. However, three additional critical projects tied to K-IV remain the Sindh government's responsibility. The first project concerns the augmentation plan. This project, financed through a 260 million US dollars World Bank loan, involves laying approximately 100 kilometers of bulk distribution pipelines within Karachi and connecting them to existing pumping stations. Similarly, the power supply project involves installing a 132-kilovolt transmission line from Jhimpir grid station to the K-IV pumping complex near Keenjhar Lake to provide 50 megawatts power, with an estimated cost of Rs16 billion. Lastly, the KB feeder canal lining project, spanning 38 miles, aims to rehabilitate and widen the canal from the Indus river to Keenjhar lake, to ensure full quota delivery. A senior KWSC official anonymously confirmed that while official schedules promised completion of these three projects within two years, actual timelines were expected to stretch much longer due to bureaucratic hurdles, utility shifting delays, and complex technical requirements. Repeated efforts to reach Sindh's Secretary Irrigation, Zareef Khero, for comments remained unanswered, while the concerned Executive Engineer cited his recent appointment as an excuse for his inability to comment at this stage. According to a survey conducted by the Express Tribune, Karachi's daily water requirement stands at 1,200 million gallons, while the city currently receives only 650 million gallons from the Indus River and Hub Dam, leaving a staggering shortfall of 550 million gallons per day. The survey also revealed that the KWSC officials, in alleged collusion with the tanker mafia and illegal groundwater extraction networks, have created an artificial water crisis in several areas, including Clifton, Defence, Gulshan-e-Iqbal (13D-2, 13D-3), North Nazimabad, Nazimabad, Liaquatabad, and PECHS. Despite the critical importance of the K-IV water project to Karachi's future water security, bureaucratic inefficiencies, lack of political will, and severe underfunding continue to jeopardize its timely completion.
Time of India
16-07-2025
- Time of India
Moneylender, 3 Others Held For Kidnapping, Assaulting Property Dealer Over Loan Dispute
1 2 3 Nagpur: Hudkeshwar police arrested four persons, including a moneylender, for kidnapping and brutally assaulting a property dealer over a financial dispute. The police rescued the victim from a farmhouse. The arrested have been identified as Pravin alias Balu Burkewad, Nilesh Nagarkar, Nilesh Telkhande, and Rakesh Avachat. The action followed a complaint by Vishal Urkude (40), a resident of Rachna Colony, Pipla Road. According to police, Vishal had borrowed Rs30 lakh from Balu in 2022 to fund his wife's job application process and his nephew's medical treatment. In return, he mortgaged a plot of four shops in Narsala. Vishal claims to have repaid Rs13.4 lakh in instalments, but financial distress prevented him from continuing payments. Balu allegedly began pressuring him to transfer ownership of the mortgaged properties and had already taken possession of the shops. On Tuesday morning, Balu and his aides allegedly abducted Vishal, thrashed him en route, and confined him at a farmhouse in Umbargaon, where the assault continued. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You To Read in 2025 Blinkist: Warren Buffett's Reading List Undo Vishal's family, unable to reach him, approached Hudkeshwar police. Tracing the victim's mobile number senior PI Gyaneshwar Bhedodkar and his team traced the accused to Dighori Bridge and mounted a rescue operation. All four accused were arrested and produced in court on Wednesday. They were remanded to police custody till July 18. Inspector Bhedodkar confirmed that Balu is a history-sheeter with previous cases related to illegal public drinking and gambling, while the other three have no prior criminal records.
