China - based Shanghai Electric power company will purchase a controlling stake in K - Electric , a power generation and distribution firm in Karachi , Pakistan , for $ 1.77bn after Abraaj Group confirmed its divestment of its 66.4 % stake in the company . Serving approximately 2.2 million customers in and around the city , the company operates both thermal power generation and distribution . Chinese authorities have announced $ 10bn of overseas utility investment this year , up from $ 24 m during the same period in 2011 , according to Bloomberg .
China-based Shanghai Electric power company will purchase a controlling stake in K-Electric, a power generation and distribution firm in Karachi, Pakistan, for $1.77bn after Abraaj Group confirmed its divestment of its 66.4% stake in the company. Serving approximately 2.2 million people in and around the city, the company operates both thermal power generation and distribution. Chinese firms have announced $10bn of overseas utility acquisitions this year, up from $24m during the same period in 2015, according to Bloomberg.