SLAMABAD: In a landmark development that could reshape Pakistan’s electricity distribution industry, three Pakistani business groups have joined forces with Türkiye’s industrial heavyweight Cengiz Holding through a joint venture agreement signed in Istanbul to participate in the privatisation of Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO), it was reported on Monday.
The Pakistani consortium comprises Fatima Group, Lake City, Artistic Milliners (Pvt.) Ltd., DIN Group and Fazal Group, bringing together business interests spanning fertilisers, textiles, construction, mining, aviation, industrial investment and real estate development.
Former Caretaker Minister Gohar Ejaz was also present during the signing ceremony.
Their Turkish partner, Cengiz Holding, is one of Türkiye’s major privately owned industrial conglomerates, with operations across electricity generation and distribution, construction, mining, metals and large-scale infrastructure development.
The agreement represents a potentially significant development in Pakistan’s electricity distribution privatisation programme, creating the possibility of foreign direct investment and international operational expertise entering three strategically important state-owned utilities.
Cengiz Holding also brings experience in managing major electricity distribution networks in Türkiye through CK Enerji and associated businesses, alongside an electricity generation portfolio exceeding 5,600 megawatts.
The scale of the partnership is particularly noteworthy.
The Pakistani business groups collectively represent a reported workforce exceeding 100,000 people across their wider operations, while Cengiz Holding reports approximately 45,000 employees.
Together, the business groups associated with the partnership represent a reported combined workforce exceeding 145,000, although these figures describe their wider operations rather than employees directly involved in the proposed joint venture.
The Istanbul agreement positions the Pakistani-Turkish partnership as a potentially formidable contender in Pakistan’s first batch of electricity distribution privatisation transactions.
The joint venture has been established to pursue investment opportunities arising from the privatisation of FESCO, GEPCO and IESCO.
The partnership could combine domestic financial resources and market knowledge with technical expertise developed through Türkiye’s electricity distribution privatisation programme.
