A new Joint Venture firm is being formed to manufacture smart pre-payment meter in Bangladesh. The name of that newly formed firm is Bangladesh Smart Electrical Company Ltd (BSECL) which is a JV between two companies from Bangladesh and China.
The two sides have signed a deal on Sunday at Bidyut Bhaban in the capital to form this JV firm.
State-run West Zone Power Distribution Company Ltd (WZPDCL) and Chinese Hexing Electrical Company Ltd (HECL) will form the joint-venture firm. The WZPDCL will have a 51 percent stake and the HECL a 49 percent stake in the joint venture. The firm will install its manufacturing facility in Khulna. The authorized capital of the BSECL will be Tk 500 million and the paid-up capital Tk 286 million.
State minister for power, energy and mineral resources Nasrul Hamid was present as the chief guest at the deal-signing ceremony. Power division secretary Maksuda Khatun chaired the programme where power secretary Ahmad Kaikaus and BPDB chairman Khaled Mahmood, among others, also spoke. HECL chairman Zhou Liang Zhang and WZPDCL secretary Abdul Motaleb inked the deal to form the BSECL. Power division secretary Maksuda Khatun chaired the programme where power secretary Ahmad Kaikaus and BPDB chairman Khaled Mahmood, among others, also spoke.
While addressing at the deal sigining ceremony, the state minister said that, the power distribution companies need to be more modern to provide quality services. They need to take initiatives to manufacture advanced electrical equipment. He also added that, his government will continue the effort to make uniterrupted power supply available to every household along with the development of power generation, transmission and distribution system.
Nasrul Hamid also said that, a company has stepped forward to manufacture pre-payment meter and more companies should come forward in this regard. Since there is a government-owned party in this JV firm, so it wont a problem to collect capital from the share market, he added. He hinted that, a plan is finalized to improve the quality of customer service in the power sector by implementing pre-payment metering system for each customer. If so, then there will be a huge market of smart pre-payment meter in the country Currently, Bangladesh imports smart pre-payment meters as it doesn’t have any manufacturing facility of its own.