Companies sign JV with Turkish powerhouse

Five Pakistani business groups have formed a joint venture with Türkiye’s Cengiz Holding to pursue the planned privatisation of three electricity distributors, Business Recorder reported. The agreement was signed in Istanbul, with Faisalabad Electric Supply Company, Gujranwala Electric Power Company and Islamabad Electric Supply Company identified as the targeted utilities.

The local partners are Fatima Group, Lake City, Artistic Milliners, DIN Group and Fazal Group. Their wider businesses and Cengiz Holding’s operations together account for a reported workforce of more than 145,000, though the figure does not represent staff assigned to the venture. Cengiz Holding brings experience in Turkish power distribution through CK Enerji and related businesses, as well as generation capacity above 5,600 megawatts. Cengiz Enerji and Pakistani investors linked to the consortium had also taken part in the government’s initial privatisation process.