Heavy Electrical Corporation: EoIs for sale of 88 percent shares received

The Privatisation Commission has received three Expression of Interests (EoIs) for the privatisation of 88 percent shares of Heavy Electrical Corporation (HEC) on ''as is where is basis''. 12 percent shares have been allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS).
According to a statement, issued here on Thursday, the Request for Statement of Qualification (RSOQ) has been dispatched to the parties who have submitted EOIs to form the basis of pre-qualification, which will be received latest by July 2. Information memorandum, bid documents and time frame for the pre-bid conference and bidding date will be provided to the pre-qualified parties only.
The three parties include Niagara Mills (Pvt) Ltd Faisalabad, AREVA T&D Pakistan (Pvt) Ltd Karachi and ALSTOM Grid Pakistan (Pvt) Ltd France. The successful bidder shall continue to operate company''s manufacturing facility as going concern. HEC is one of the industrial units of State Engineering Corporation engaged in the manufacturing of power transformers of different types (total annual capacity 3000 MVA) with primary voltage rating of 66 and 132 KV.
In addition, it undertakes repairs and refurbishment of old and damaged power transformers up-to 500 KV. HEC was incorporated as a private limited company in year 1991 and commenced commercial operations in year 1997. It is located in Hattar Industrial Estate, about 65 Km from the country''s capital Islamabad.
HEC has six main manufacturing shops namely machine, winding, insulation, core, fabrication and assembly shops. In addition, it has an oil purification shop, high voltage test laboratory equipped with overhead travelling cranes.-PR