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Pakistan : SITARA CHEMICALS sets up 35 MW power plant at FAISALABAD

June 24, 2014

Sitara Chemical Industries Ltd (SCIL) will establish a new 35 MW coal-based power plant at Faisalabad. The Rs 2 billion Syndicated Islamic Finance Facility (Diminishing Musharaka) was jointly mandated to MCB, United Bank Limited, Meezan Bank Limited as a financial advisor and loan arranger.

The agreement between Sitara Chemicals, MCB, Meezan Bank Ltd and United Bank Ltd was held at a local hotel.

Sitara Group carries a history of responsible business and diversification. This is in view of the country's energy crisis, Sitara decided to set up 35 MW coal power plant which will not fulfil the power requirement of Sitara Chemicals, but would be expanded to meet the needs of other industries.

The project would require logistics for handling the raw material and create a lot of business opportunities, besides creating for jobs for fresh engineers, HR officials, skilled professionals and management personnel.

The new 35 MW coal-based power plant will prove to be a trend-setter in the industrial sector of Pakistan, as Sitara Chemicals carried out research to make this project a role model.

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Source: TendersInfo (India)

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