Staff Report ISB: Heavy Electrical Complex was sold to M/s Cargill Holdings Limited, a Kenya based company, for Rs. 1.34 billion by Privatization Commission (PC) of Pakistan this Saturday. Earlier, the sale of Heavy Electrical Complex was approved by the Cabinet Committee of Pakistan (CCoP) which was headed by Finance Minister, Ishaq Dar. The documents of the bidder M/s Cargill Holdings Limited were duly verified last month
Earnest money of Rs. 25 million was only submitted by one company out of 3 short listed bidders. The other two bidders included M/s Elahi Electronics & M/s FFC which were disqualified due to non-submission of said earnest money. The Heavy Electrical Complex was thus sold to the M/s Cargill Holdings Limited.
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