Privatization Push: 10 corporate giants eye majority stake in IESCO
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✧ GENERATE BRIEFING
The Privatisation Commission received 10 expressions of interest (EOIs) from domestic and international corporate entities seeking a 51% to 100% majority stake and management control in Islamabad Electric Supply Company (IESCO). Submissions closed on September 21, 2026, positioning IESCO alongside Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO) as part of the initial phase of Pakistan's power distribution company privatization scheme. The bidding pool features Turkish firms Aktor Elektrik, Genvera Enerji, and Cengiz Enerji, alongside prominent local corporations including Engro Energy, Sapphire Fibres, Novatex, and Bestway Cement, alongside four industry consortiums. Prequalified investors will gain Virtual Data Room access for financial due diligence following evaluation, supporting the government's objective to eliminate sector losses and transfer legacy liabilities to a specialized public vehicle.
The privatisation of Islamabad Electric Supply Company (IESCO) has attracted 10 expressions of interest (EOIs) from domestic and international investors, with bidders seeking between 51% and 100% shareholding along with management control.
The EOIs were submitted to the Privatisation Commission on Monday, September 21, the deadline for the process. IESCO is one of three distribution companies included in the first batch of Pakistan’s DISCO privatisation programme, alongside Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
The investor group includes three Turkish energy companies — Aktor Elektrik Enerji Yatırımları, Genvera Enerji and Cengiz Enerji — as well as Pakistani companies including Engro Energy, Sapphire Fibres, Novatex and Bestway Cement.
Four consortiums have also entered the process. These comprise Artistic Milliners, Hub Power Holding, Hasnaat Brothers Construction, and a consortium involving The Lake City Holdings, Fatima Capital, Din Ventures and Fazal Cloth Mills.
Privatisation Commission Chairman Muhammad Ali said the response reflected investor interest in Pakistan’s electricity distribution sector and the government’s stated commitment to a transparent and competitive privatisation process.
The submitted EOIs and Statements of Qualification will now be evaluated against the approved prequalification criteria. Investors that meet the requirements will proceed to the next stage and receive access to a Virtual Data Room for detailed due diligence.
The government is offering private investors a stake of between 51% and 100% in the DISCOs together with management control. The restructuring is intended to make the companies commercially viable ahead of privatisation, with certain assets and post-retirement liabilities being shifted to a government-owned special purpose vehicle.
IESCO’s process follows the government’s progress on FESCO and GEPCO. The Privatisation Commission said 10 parties had been prequalified for FESCO, while 11 EOIs for GEPCO were under evaluation. The broader programme aims to improve distribution efficiency, modernise infrastructure, strengthen customer service and reduce power-sector losse
