Lucky Cement gets go-ahead for coal power plant investment

Lucky Cement Ltd's Board of Directors has approved the investment of around PKR27bn (US$268.4m) to set up a 660MW coal-based power plant in Karachi, Pakistan.

Under the name of Lucky Electric Power Co Ltd (LEPCL) the power plant will be wholly-owned by Lucky Cement and will be financed with a debt/ equity ratio of 75:25.

The announcement comes shortly after fellow-Pakistan producer Attock Cement Ltd signed an Memorandum of Understanding with K-Electric to establish a coal-fired plant for its own utilisation, while surplus stocks will be sold back to the grid.