Saif Group to invest Rs2bn to expand value-added sector

PESHAWAR: Director Saif Group of Companies and Chief Executive Officer (CEO), Kohat Textile Mills (KTM), Barrister Asad Saifullah Khan has planned to invest Rs 2 billion more to expand its role in value-added sector of textile industry.

He was addressing a ceremony held in connections with the inauguration of the KP’s first 1MW Solar Clean & Green Energy Project in Kohat Textile Mills at Kohat. The Solar Park has been developed by Sky Electric (Pvt) Limited with the support of Bank of Khyber and Meezan Bank.

The project was inaugurated by KP Minister for Finance, Taimur Saleem Khan Jhagra. Chairman, KP Textile Mills Association, Salim Saifullah Khan, Chief Executive Officer (CEO) Sky Electric Private Limited, Osman Saifullah Khan, Aly Saifullah Khan and a large number of business community and local elites also attended the ceremony.

He said the investment will not only enable the company to enter into exports, rather will also generate employment opportunities in KP and add foreign exchange to national exchequer.

Assad Saifullah Khan said that solar energy is an alternate source of energy that generate ample electricity and also reduces pollution. He said, Pakistan has immense potential for generating electricity through solar. However, the country currently produces meagre electricity (1.16 percent) through solar power and 64 percent with fossil fuels.

He said that moving towards sustainable energy resources will not only reduce the effects of global warming, rather will also reduce the import bill of fuel for energy production.

Copyright Business Recorder, 2021