Home / Business & Legal / Thar Coal Rail Track Project Attracts €170 Million in Foreign Direct Investment

Thar Coal Rail Track Project Attracts €170 Million in Foreign Direct Investment

Railway Constructions Pakistan Limited (RAILCOP) has signed a memorandum of understanding (MoU) with M/s Al Furqan Holdings Private Ltd and BIL Pakistan (Pvt.) Ltd for the construction of a new 105-kilometer rail track in Thar Coal.

The project, linking Thar Coal Block II with New Chorr station on the Hyderabad-Mirpurkhas Rail link, valued at 170 million euros will be executed under 100% foreign direct investment (FDI) by Al Furqan Group UAE.

CEO RAILCOP, Syed Najam Saeed, speaking on the occasion said the project will provide a new rail link from Thar Coal Mines to the National Railway Network for ensuring the availability of indigenous Thar Lignite fuel throughout Pakistan. The project will give maximum coverage of all Thar Coal Mine Blocks and far-flung population centers in Tharparkar district while avoiding any existing infrastructural relocations, he added.

Najam said that the new rail link would be helpful in the coal-driven energy projects executed under China Pakistan Economic Corridor (CPEC).

He said that it is the vision of Prime Minister Imran Khan to attract FDI with attractive incentives and policies for the investors in a competitive business environment.

He reaffirmed the mission of Federal Minister for Railways, Muhammad Azam Khan Swati, in transforming Pakistan Railways into a profit-generating entity with such public-private partnership (PPP) projects. He thanked Secretary/Chairman Railways, Habib-ur-Rehman Gilani, for his continuous support for the project.

Najam also extended special gratitude to BIL Pakistan (Pvt.) Ltd CEO, Tauseef Zaman, for his role in the project on behalf of Pakistan Railways and RAILCOP.

He further thanked the Ministry of Foreign Affairs for its endeavors to attract foreign investment in the country. It was mentioned that the investment was made possible with the efforts of Faisal Abro, an officer of the Foreign Service of Pakistan, posted at the Permanent Mission of Pakistan to Organization of Islamic Cooperation (OIC).

The project will create thousands of jobs, will boost investment in other associated projects, and enhance the export of coal.

Source: Pro Pakistani

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