Liberty Power has signed an agreement to purchase the thermal power assets of Engro Corp, the largest public power company in Pakistan, in the largest acquisition in the Pakistani energy sector.

The value of the deal amounted to 125 million US dollars, and comes within the framework of the policy of supporting the expansion of the private sector at the expense of the public sector pursued by the International Monetary Fund as a basic condition for granting countries rescue loans.

In July 2023, the Fund had approved a short-term rescue package worth US$3 billion for Pakistan, of which the debt-stricken Asian country received US$1.9 billion.

The Thar Desert, where the thermal energy assets are located, is one of the richest regions in the world in coal. Its reserves are estimated at 170 billion tons, and this amount is considered capable of meeting Pakistan's energy needs for many years.

The deal includes the purchase of 68.9% of the shares of “Engro PowerGen Quadrup Limited” and 50.1% of “Engro Powergen Thar”, which is affiliated with the private sector, in addition to 11.9% of “Sanad Engro Coal Mining Company Limited”. The total value of the deal amounts to 35 billion rupees ( 420 million US dollars).