NA body seeks report on downfall of govt entity.

ISLAMABAD -- The NatioAnal Assembly's Standing Committee on Privatisation on Thursday sought a report on the downfall of the public sector entity, Heavy Electric Complex (HEC), which is under the process of privatisation.

A meeting of the committee chaired by MNA Syed Mustafa Mahmud recommended that the bidding process of HEC should be transparent in all respect.

HEC was put on active privatisation list in August 2019 and the Cabinet Committee on Privatisation had approved sale of all (96.6 per cent) government-owned shares. The Privatization Commission has invited an expression of interest and asked investors to submit the same by Feb 9.

The additional secretary of the industries and production ministry informed the committee that HEC was established by the government to manufacture power transformers exclusively for Wapda and KESC then dependent on imported transformers.

The public sector entity also has an unmatched elaborate setup for rehabilitation of heavy power transformers. HEC earned profits in seven out of 15 years and earned substantial profits in 2007 and 2008. The current downturn of the company started from February 2017 when power distribution companies (Discos) stopped placing orders due to...