ISLAMABAD: In a rare government-to-government (G2G) transaction, Wah Industries — operating under the Ministry of Defence — has acquired about 30 obsolete power plants from public sector generation companies (Gencos) for Rs38.255 billion, following the failure of the government’s ambitious open auction plan.

The Power Division confirmed that under three separate sale agreements, Wah Industries purchased the non-functional plants from Northern Power Generation Company Ltd (NPGCL), Central Power Generation Company Ltd (CPGCL), and Jamshoro Power Company Ltd (JPCL). The agreements were signed on Tuesday, Thursday, and Friday, respectively.

The sale price marginally exceeded the reserve price of Rs38.224bn, previously set under Wapda’s auction regulations, which stipulate that G2G sales cannot occur........

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