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Privatisation

process going

apace, says

KESC chief

RECORDER REPORT

KARACHI: Karachi Electric Supply Corporation, Chairman Lt. General, Zulfiqar Ali Khan on Tuesday said privatisation process is going on in a well-planned manner and is much within schedule.

However, attractive price could only be get after bringing improvement in the financial and administrative conditions.

He said this while presiding over the AGM on Monday a spokesman said in a statement.

The bill recovery rate of KESC has improved by 29.5 percent to Rs.16.899 during the first eight months of the current financial year.

For the same period in 1998-99, the Corporation could collect Rs.13.043 billion.

The AGM discussed and approved the annual accounts for the year ended June 30, 1999.

According to the statement, the chairman told the AGM that the corporation's payments increased by Rs 2 billion on account of interest against the TFCs worth Rs.11.5 billion, which were issued in March last.

Highlighting the Wapda-KESC co-operation, the chairman said that Wapda deferred its Rs.7 billion, which had been recoverable from the KESC and also provided material worth Rs.150 million for power distribution system.

The chairman stressed that the new management was making efforts to strengthen KESC in all terms. The management's top priority was elimination of loadshedding and ensuring uninterrupted power supply to consumers, he added.

During the period under review two new grid stations commenced operation and brought about improvement in the transmission and distribution system.

He also assured that no retrenchment was being done, however, he warned that the corrupt elements would be dealt with iron hands.

The KESC management has also prepared a comprehensive plan for improvement based on gradual decrease in T&D losses.