Spanish co clarifies ownership structure amid scrutiny by authorities

ISLAMABAD: An international Spanish company, M/s Indra, has clarified its ownership structure, which has frequently been questioned by Pakistani authorities.

In a letter addressed to Minister for Power, Sardar Awais Ahmad Khan Leghari, the company’s Director, International Directorate, Maria Del Carmen Nuñez Garcia, explained that Indra Group’s ownership had repeatedly been raised with its project team in Pakistan, particularly regarding Minsait, a division of Indra Sistemas S.A.

She noted that Indra has been operating in Pakistan since 2009, providing and supporting state-of-the-art defence and air traffic equipment. Since 2023, its IT division, Minsait, has been engaged in IESCO’s Advanced Metering Infrastructure (AMI) project as a subcontractor to Korea Telecom and Kaifa, delivering a complete software suite.

“We confirm that Indra Sistemas, S.A. is a Spanish company duly established in accordance with Spanish legislation and registered in the Madrid Trade Register under page M-11,339. Its registered office is located at Avenida de Bruselas 35, 28108 Alcobendas, Madrid, Spain,” she stated.

According to the letter, the company’s shareholding structure comprises: 28 percent held by the Spanish government; 14.03 percent by EM&M (a Spanish company); 7.94 percent by SAPA (a Spanish company); 7.24 percent by Amber Capital (a UK-based investment fund); and 33.22 percent held in the free market.

The company further stated that Indra is recognised globally as a leader in IT and technology, particularly in the defence, aerospace, and advanced digital technology sectors, including energy and government services.

In 2025, Indra reported an order intake of €12.78 billion, employed more than 60,000 people, and maintained operations in over 140 countries. It has a permanent presence in 49 countries, including Portugal, the United Kingdom, Italy, Germany, Belgium, Norway, the United States, Mexico, Brazil, Argentina, Colombia, Saudi Arabia, Oman, India, Australia, Malaysia, and China, among others.

The director added that with over 30 years of experience in the energy and utilities sector, Minsait’s Energy division provides solutions across the entire utilities value chain, including power generation, energy management, customer services, retail, grid management, and smart metering.

She emphasised that the company’s portfolio represents one of the most comprehensive end-to-end solution suites currently available in the market.

Copyright Business Recorder, 2026