Federal Minister for Privatisation and Investment, Hafeez Shaikh has said that National Electric and Power Regulatory Authority (Nepra) has fixed the power tariff of Karachi Electric Supply Corporation (KESC) for seven years. In this connection, he added, the new management after taking over of the KESC would not increase the power tariff for seven years. Hafeez Shaikh was talking to the newsmen after the inaugural session of ECO member states seminar on "Trade and Investment Information Networking," here on Monday.

The minister said the bidding for the KESC would take place on February 4.

"No one should be worried about the privatisation of the KESC and layoff of employees. The employees are the asset and they are important for the power utility," he added.

In this context, Hafeez Shaikh said that the management has not terminated a single employee in last four years of privatisation of 18 power units that took place in the country.

Copyright Business Recorder, 2005