Pakistan Textile City

05/11/2020

Govt looking to revive Pakistan Textile City

Textile Division submits summary, business plan to Prime Minister’s Office
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Zafar Bhutta March 23, 2019
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ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government is looking to revive Pakistan Textile City Limited, reversing the previous government's decision to wind up the ailing company, The Express Tribune has learnt.

The Textile Division has submitted a summary towards this end to Prime Minister Imran Khan, a government official said.

Pakistan Textile City was established in Karachi in May 2004 as a joint venture between the federal and Sindh governments and several financial institutions. The company was set up with Rs1.25 billion in paid-up capital and used Rs993 million from this amount to purchase 1,250 acres of land from the Port Qasim Authority (PQA).

Textile value addition: Govt taking steps to make industry competitive

Although the company obtained a loan with credit limit of almost Rs3.2 billion from the National Bank of Pakistan (NBP) for infrastructure development, it could not take off on account of various impediments, like unavailability of electricity, gas and water.

In May 2016, when he was asked to decide the company's fate, then prime minister Nawaz Sharif directed that the Pakistan Textile City be voluntarily wound up by way of transfer of all its assets to PQA. PQA, in turn, was directed to settle outstanding liabilities of the textile city using its own resources. The Finance Division was assigned the lead role in the winding up process.

The process, however, came to a halt due to non-settlement of the loan the company acquired from NBP, officials said. PQA also did not commit to clear other outstanding liabilities like salaries of Pakistan Textile City employees and dues of utilities pending since April 2017.

In light of these developments, Prime Minister's Adviser on Commerce and Textile Abdul Razak Dawood decided to explore options to revive the Pakistan Textile City, said officials. On the request of Prime Minister's Office, the Textile Division prepared a viable business plan in consultation with the stakeholders concerned.

The plan was submitted to the PM Office on December 10 last year and is awaiting approval.

In a recent Economic Coordination Committee (ECC) meeting, the Textile Division explained that it had requested the Finance Division for funds to clear outstanding bills and liabilities of the Pakistan Textile City since April 2017. The Finance Division had advised the Textile Division to seek ECC's approval for the release of requested funds.

The ECC approved the Textile Division's proposal to grant Pakistan Textile City Rs14.3 million for paying outstanding salaries and clearing other liabilities so that its day-to-day affairs are managed while a final decision on its fate is awaited.

Published in The Express Tribune, March 23rd, 2019.

17/08/2016

12/12/2014

TEXTILE CITY BOARD APPROVES MOU WITH K-ELECTRIC

Karachi, December 11: 59th Board of Director Meeting of Pakistan Textile City Limited was held in Karachi, Chaired by its Chairman Dr. Mirza Ikhtiar Baig. Meeting attended by Directors Wajahat A. Baqai, EVP National Bank, Shabir Anwar Kazi, DG, Port Qasim Authority, Asif Maqsood, Coordinator to Minister of Textile Industry, Muhammad Salahuddin, Deputy Secretary, Ministry of Textile, Shah Miftah ul Azim SEVP NIB Bank, Sheikh Aftab Ahmad, SVP Saudi Pak Industrial & Agriculture Investment, Iftikhar Ahmed Malik of Mehtabi Towel Mills and CEO Pakistan Textile City, Muhammad Hanif Kasbati.

The Board inter alia approved in principal the Memorandum of Understanding (MoU) with K-Electric subject to the approval of Ministry of Textile Industry. This MoU is aimed at acquisition of 200 acres of land from Textile City by KE along with the consortium of foreign and local investors for the purpose of setting up of 660 MW coal-fired power project via Joint Venture with an investment of one billion dollars. K-Electric has acquired expertise in coal power generation as they are in the process to convert their two units at Bin Qasim from furnace oil to coal power generation. This strategic alliance of Textile City with KE and other stakeholders will bring down the weighted average cost of electricity and provide cheaper electricity and steam to Textile City units.

The Board appreciated the unfaltering efforts of the Chairman Dr. Mirza Ikhtiar Baig for removing hurdles of the project of the vital national importance which will provide 80,000 jobs in Karachi and would also generate additional exports and revenues for the national exchequer.

28/10/2014

TEXTILE CITY BOARD COMMITTEE REVIEWS THE PROGRESS OF JV WITH K-ELECTRIC FOR 600MW COAL FIRED POWER PLANT

Karachi, October 24, 2014: 25th Board of Director Procurement and Infrastructure Sub-Committee meeting of Pakistan Textile City Limited was held today in Karachi, Chaired by Dr. Mirza Ikhtiar Baig, Chairman Pakistan Textile City Limited. Meeting was also attended by Directors Mr. Wajahat A. Baqai, EVP National Bank, Mr. Shabir Anwar Kazi, DG, Port Qasim Authority, Muhammad Salahuddin, Deputy Secretary, Ministry of Textile and CEO Pakistan Textile City, Muhammad Hanif Kasbati.

The Board Committee discussed the development of works at Textile City in particular the status of the water supply and the progress of the 600MW Coal Fired Power Plant joint venture with K-Electric. The Board advised the management to expedite signing of Memorandum of Understanding in this regard after getting approval from Ministry of Textile Industry.

The Committee appreciated the unfaltering efforts of the Chairman Dr. Mirza Ikhtiar Baig for removing hurdles of the project of the vital national importance which will provide 80,000 jobs in Karachi and would also generate additional exports and revenues for the national exchequer.

16/10/2014

TEXTILE CITY TO ENTER JV WITH K-ELECTRIC FOR COAL POWER GENERATION

Karachi, October 14, 2014: 58th Board of Directors Meeting of Pakistan Textile City Limited was held in Karachi, Chaired by Chairman Pakistan Textile City Dr. Mirza Ikhtiar Baig, Chairman Pakistan Textile City Limited. Meeting was also attended by Directors Wajahat A. Baqai, EVP National Bank, Shabbir Anwar Kazi, DG, Port Qasim Authority, Sheikh Aftab Ahmad, SVP Saudi Pak Industrial & Agriculture Investment, Zarar Haider, Joint Secretary, Ministry of Industries, Group Head NIB Bank, Shah Miftahul Azim, Muhammad Salahuddin, Deputy Secretary, Ministry of Textile and CEO Pakistan Textile City, Muhammad Hanif Kasbati.

K- Electric has presented a proposal to Pakistan Textile City for a Joint Venture of 600 MW coal power project in the Textile City which will help to supply cheaper power, steam and hot water to the value added Textile Industries in Pakistan Textile City zone. K-Electric has already signed earlier an agreement with Pakistan Textile City to supply 50 MW uninterrupted power to Textile City and required infrastructure work has been already completed. Senior team of K-Electric, led by Dr. Syed Naveed Ahmed, Chief of Corporate Strategy & Business Development along with Mr. Ammar Talaat Deputy Director gave a detailed presentation of the JV project. Both the parties agreed in principle for the proposed joint venture. The board is forwarding their recommendation to Ministry of Textile Industry for their formal approval.

K-Electric has acquired expertise in coal power generation as they are in process to convert their two units at Bin Qasim from furnace oil to coal power generation. The board appreciated the unfaltering efforts of their Chairman Dr. Mirza Ikhtiar Baig for removing hurdles of the project of the vital national importance which will provide 80000 jobs in Karachi and would also generate additional exports and revenues for the national exchequer.

17/09/2014

TEXTILE CITY PROJECT GEARS UP FOR LAUNCH

Karachi, 15th September 2014: The 57th Board of Directors Meeting of Pakistan Textile City Limited was held in Karachi, Chaired by Dr. Mirza Ikhtiar Baig, Chairman Pakistan Textile City. BOD meeting was also attended by Senior Joint Secretary, Ministry of Textile Arshad Farooq Fahim, Deputy Secretary, Ministry of Textile, Muhammad Salahuddin, Directors Shah Miftah ul Azim of NIB Bank, Shiekh Aftab Ahmad, SVP Saudi Pak Industrial & Agriculture Investment, Shabir Anwar Kazi, DG (P&D) Port Qasim Authority and CEO Pakistan Textile City Muhammad Hanif Kasbati.
The Board reviewed the progress for the development of the infrastructure of the project at Port Qasim and expressed their satisfaction on the progress of water and power works. The board deliberated the launching of the project in October – November 2014 by the Prime Minister Muhammad Nawaz Sharif and advised to plan Road Shows in Pakistan and abroad to attract foreign investment in the project.
The Marketing team and CEO Textile City would also give presentations to APTMA, PDMEA and other value added textile associations before the launching of the project. The board directed management to expedite Special Economic Zone (SEZ) status for Textile City project on war footing basis.
The board appreciated personal efforts of the Chairman Dr. Mirza Ikhtiar Baig for removing hurdles of the project of vital national importance which will provide over 80000 jobs in Karachi and would also generate additional exports and revenues for the national exchequer.

14/04/2014

Pakistan Textile City Participation in Textile Asia 2014

14/04/2014

Honorable Federal Minister for Textile Industry, Mr. Abbas Khan Afridi, visited Pakistan Textile City on April 7, 2014

14/04/2014

Pakistan Textile City Participation in Textile Asia 2014

31/12/2013

Karachi - 20 December, 2013
Pakistan Textile City Delegation Visit Bin Qasim Association of Trade and Industry (BQATI)