Karachi: Fauji Fertilizer Company Limited (FFC), one of the country’s leading fertiliser manufacturers, has diversified into power production and announced the injection of over USD 39 million into Thar Energy Limited (TEL), according to a news source. TEL is expected to kick-start a 330 MW domestic coal-fired power plant by December 2020.
In addition, various sponsors have extended a guarantee of USD 82 million in favour of the fertiliser company for it to meet the debt requirement for the project from local and foreign investors, according to a notice by the Pakistan Stock Exchange. This investment gives FFC a 30% stake in the project.
