KOT ADDU In 1994, the government of Prime Minister Benazir Bhutto began to implement a plan to privatize the Water and Power Development Authority (WAPDA), Pakistan’s largest public-sector corporation The first phase of the plan called for the transfer of two thermal power plants, the 1,600-MW plant at Kot Addu and the 880MWplant at Jamshoro The government’s plan for the privatization of the Kot Addu plant envisaged a phased transfer of ownership to the private sector In the first stage all financial obligations of the WAPDA, including an outstanding debt of US$756 million, were to be taken over by the Kot Addu Power Company (KAP), an entity legally separate from the Authority The second stage included the transfer of 26 percent of the company’s assets, along with the responsibility for its operation, to a strategic investor selected on the basis of international competitive bidding Four foreign companies entered the last phase of the bidding process Britain’s National Power was the successful bidder It took over the management of the power station in 1996

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