To serve the purpose, the Chinese firm Hexing Electrical Co. Ltd and WZPDCL have formed a new joint venture company named ‘Bangladesh Smart Electrical Company Limited’ where Bangladeshi firm has 51 percent stake while the other 49 percent of the shares belongs to the Chinese company.
The WZPDCL has been entrusted with the responsibility of power distribution in the country’s south-west region.
Welcoming the initiative, State Minister for Power and Energy Nasrul Hamid said more local companies should come forward to set up such venture to produce smart electrical meter and other devices which will create a healthy competition.
“Once there is competition, there will be no scope for any monopoly and the people will get the right product at right price”, he told the contract signing ceremony held with WZPDCL’s chairman and additional secretary Maksuda Khatun at Biduyt Bhaban in the city.
The function was also addressed by Power Secretary Dr. Ahmad Kaikaus, Power Development Board (PDB) chairman Khaled Mahmood, Hexing Electrical’s chairman Zhou Liangzhang and WZPDCL managing director Shafiq Uddin.
As per the contract, the new company’s manufacturing plant will be set up in Khulna and it will annually produce 500,000 smart pre-paid electrical meters. The company’s paid up capital has been mentioned as Tk 50 crore.
The State Minister said Bangladesh needs huge pre-paid meters as the number of electricity consumers are growing up with the increased power generation.
He said the new company’s manufacturing should not be confined within the meter manufacturing, but should go for manufacturing of other electrical devices as well.