In a significant development, the Competition Commission of Pakistan (CCP) has
granted approval for a merger that will see increased international investment in
Pakistan’s hydropower industry. The transaction involves Korea-based M/s. DL
E&C Co. Ltd (Acquirer) acquiring shares in M/s Mira Power Limited (MPL), the
company Involved in operating the 102 MW Gulpur hydropower plant.
M/s. DL E&C Co. Ltd is a Korean registered company primarily engaged in
construction and providing engineering, procurement, and construction solutions
both in South Korea and internationally.
Mira Power Limited (MPL), a public limited company under Pakistan’s laws, has
been successfully generating power since 2020. MPL operates the 102 MW
Gulpur hydropower plant, strategically located in the Kotli district, Azad Jammu &
Kashmir. As a subsidiary of Korea Energy (KOEN), a South Korean-based electricity
generating company, MPL plays a crucial role in Pakistan’s energy landscape.
MPL submitted a pre-merger application to the CCP, adhering to the provisions of
the Competition Act, 2010. The CCP assessed the transaction and determined that
MPL’s estimated market share is less than 1%. Consequently, the transfer of
ownership from DL Holdings Co. Ltd (Seller) to DL E&C Co. Ltd (Acquirer) will not
significantly alter MPL’s market presence.
The approval of this merger reflects international investors’ growing confidence in
Pakistan’s Power Sector. This collaboration underscores Pakistan’s attractiveness
for foreign investment, particularly in critical sectors like hydropower.
