The administrative control of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO) has been transferred from the Power Division to the Privatization Commission, sources informed ProPakistani.
Sources said the Privatization Commission has directed the three DISCOs to stay informed on all relevant matters and maintain updated financial records.
It has also imposed restrictions on new appointments, promotions, and transfers at these entities. DISCOs must obtain prior approval from the commission before entering into new contracts or making payments, sources added.
Financial advisor Alvarez & Marsal (A&M) has been tasked with reviewing all financial and operational aspects of the companies. To prevent disruptions, the government has extended the Essential Services Act in all DISCOs until July 26, 2025. This effectively bars labor unions from protesting during the privatization process.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.