Gul Ahmed Group has its main business interest in the textile industry. The Group is involved in the manufacturing of cotton yarns, grey and finished cloth and textile made-ups. The latest venture of the Group is in the Financial and IT Sector. In the textile sector the Group is one of the leading exporters of textile products.
Gul Ahmed Group moved towards diversification from the then traditional business of textile manufacturing and decided to set up a 136.17 MW private power plant in Korangi Industrial Area of Karachi.
As a strategic move, Tomen Corporation of Japan was invited to join hands with Gul Ahmed to implement this project and Gul Ahmed Energy Limited was formed. International Finance Corporation (IFC) was approached by the company for the provision of finances in the project. IFC agreed to play its role in association with ING Bank of the Netherlands.
In this project the Gul Ahmed Group, Toyota Tsusho Corporation of Japan, International Finance Corporation (IFC) and Wartsila Diesel Oy of Finland have investments and are financing participants.
Toyota Tsusho Corporation is a major Japanese company. Toyota Tsusho Corporation has successfully developed and retained ownership interests in private sector power projects in the USA and the Philippines. These projects include some of the world’s largest wind powered plants. Presently, Toyota Tsusho Corporation is involved in two private Sector Power Projects in Pakistan.
Wartsila Diesel Oy, is part of Metra Corporation in Finland. Wartsila is a leading manufacturer of medium speed diesel engines with a 20% world market share. Wartsila has supplied the main power generation equipment for the project, and shall also manage the operation and maintenance of the project.