Indus Wind Energy Limited (the Company) was Incorporated in Pakistan as a limited company on February 04, 2015 under the repealed Companies Ordinance, 1984, now Companies Act, 2017 (the Act). The registered office of the company is situated at 508, 5th Floor, Beaumont Plaza, Civil Lines Quarters, Karachi. The Company will be primarily engaged in generating, supplying, converting, transforming, distributing, purchasing, and dealing in electricity and all other forms of products or services related with energy power. The Company is a subsidiary of Indus Dyeing & Manufacturing Company Limited (the parent Company) by virtue of 99.99% shareholding as of the reporting date.
The Company is setting up a 50MW wind power project (the project) at jhimpir, District Thatta, Sindh. The Company has been awarded with cost plus tariff National Power Authority (NEPRA) on November 19, 2018 for the project. During the year, the letter of support was obtained by the Company from Government of Pakistan through the Alternative Energy Development Board (AEDB) dated November 08, 2019 and Energy Purchase Agreement (EPA) has been signed on November 09, 2019 with the Central Power Purchasing Agency (Guarantee) Limited (CPPA) being the sole purchaser of wind power under the EPA. The project has achieved financial closing on Nov 18, 2019 with foreign and local landers and commercial operations are expected to start in early 2022. As at 30 June 2020, the Company is fully supported by the financial support of the Parent Company.
|Name of Auditors||Mushtaq & Company (Chartered Accountant)|
|Address||407,Commerce Centre, Hashrat Mohani Road,Karachi.|
|Name of Legal Advisor||Mr. Danish Raza|
|Chief Executive||Mian Shahzad Ahmed|
|Directors||1.Mian Imran Ahmed
2.Mr. Naveed Ahmed
3.Mian Riaz Ahmed
4.Mr. Kashif Riaz
5.Mr. Irfan Ahmed
6.Mr. Shahwaiz Ahmed
|Status of the Company||Electricity Generator through using Wind Power|
|National Tax Number||7127322-6|