KARACHI: Netline Group of Companies, a family-owned energy solution provider in Pakistan, has grown up exponentially within just few years of its establishment and Intermarket securities, a leading brokerage firm, has confirmed its valuation $4.5 million.
Iqbal Zavary, the founder and chairman of NetLine told a group of reporters here that Intermarket securities has confirmed a 4.5 million USD valuation for Netline, which demonstrates the company’s dedication to providing its clients with trustworthy and reliable products.
Also, Netline has an ambitious business expansion plan in near future. He informed that the company aims to manufacture solar panels locally with an estimated 180 megawatts of electricity production capacity, annually.
In this regard, 3 acres of land has been acquired on the outskirts of Islamabad. Equipments such as plants and machinery are being imported from Turkey, he said.
“The pilot project has three phases. The estimated investment for the first phase is around $3.5 million, $5 million for second phase, and $ 20 million for the mining project in third phase,” said the Net-Line’s Director Umair Zavary on this occasion.
He said the solar power sector has huge potential in the country. In order to minimize their production cost and carbon footprint, industries and businesses are switching into this form of green energy, rapidly.
“We have orders from our customers, but banks are not opening LCs for the import of these equipments, so we are not being able to give them supply. A number of equipments are stuck up in import stage due to LC issues. He urged the government to resolve this issue of LCs on a priority basis.
He said NetLine is one of the pioneering businesses in the field of solar and UPS (uninterruptible power supply).
Copyright Business Recorder, 2022
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