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Clearing power dues: PSM offers to pay Rs 10 million per day




  • Pakistan Steel Mills (PSM) has offered to pay Rs 10 million per day to Karachi Electric Supply Company (KESC) to clear its outstanding dues. Chief Executive Officer (CEO) PSM, Saadat Cheema, on Monday visited KESC head office to resolve the power supply issue. He met Chief Financial Officer of the KESC and other officials as the KESC CEO was in Islamabad. 

    KESC had disconnected power supply to the country”s largest steel plant and its housing scheme ”Steel Town” and Gulshan-e-Hadeed Phase-I on July 17, 2013 for non-payment of Rs 930 million. Although, on payment of Rs 250 million, electricity to the housing schemes was restored, however power supply to Steel Mills has not yet been restored. “We have offered to pay Rs 10 million to KESC on daily basis and also assured to clear all dues by August 15, 2013,” Saadat Cheema told newsmen after the meeting. 

    He further said that talks were held in a very cordial environment and KESC agreed to restore electricity supply. “We are making serious efforts to restore power supply to the mills as operational losses are gradually increasing due to unavailability of electricity,” he added. To a question the CEO said that PSM will approach federal government for immediate release of Rs 3-4 billion to cater the needs of the corporation. Cheema said that funds were being generated to disburse salaries before Eid. 

    Copyright Business Recorder, 2013

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