Lahore, November 12, 2015 (PPI-OT): Wajahat Hussain, President and CEO of United Bank Limited (UBL) and Engineer Muhammad Arshad Chaudhry, Managing Director of National Transmission and Despatch Company Limited (NTDCL) attended a formal ceremony marking a major milestone towards Facility Effectiveness of the Syndicated Term Finance Facility of PKR 17 billion for the construction of 500 kV Double Circuit Transmission Line of 270 km along with the associated network for the evacuation of power from Neelum – Jhelum Hydro Power Project to Gujranwala / Ghakhar Grid Station and for construction of 2×500 KV line bays including shunt reactor at 500 kV Gujranwala Grid Station.
Finance arranged by UBL consists of its own participation of PKR 13 Billion and PKR 4 Billion from Bank AL Habib. The ceremony held at the Head Office of UBL in Karachi today. Senior executives of both UBL and NTDCL also attended the ceremony.
The President and CEO of United Bank Limited (UBL) said this landmark transaction signifies the beginning of large-ticket financings for development of sustainable energy infrastructure in Pakistan. It reflects UBL’s commitment towards government’s mandate of overcoming energy shortages in the country.
Managing Director NTDCL Engineer Muhammad Arshad Chaudhry while speaking on the occasion said that the construction of the transmission line has already been initiated and will be completed in two phases. The first phase consists of 145 km long transmission line from Neelum Jhelum to Domeli (near Rewat) which will be completed before commissioning of the project and Phase II which shall consist of a 130 km long transmission line from Domeli to Gujranwala. Work on phase one has already started on fast track basis.
He further elaborated that the engineers are working day and night in difficult terrains of Azad Jamu and Kashmir to complete the much needed Neelum Jhelum Transmission line well within planned timelines. Engineer Muhammad Arshad Chaudhry appreciated the efforts of UBL as a trusted business partner under the leadership of Wajahat Husain, President and Naweed Sharif, Group Head Corporate and Investment Banking for their cooperation.
For more information, contact:
Lt Col (R) Rana Sajjad Ahmad Khan
Director Media and PR, NTDCL
National Transmission and Despatch Company Limited (NTDCL)
221 WAPDA House Lahore, Pakistan.
Tel: +92-42-99201020, +92-42-99202211 Ext: 2286