DUBAI: In its plan to buy the K-Electric, China’s Shanghai Electric is planning to spend $9 billion for the overhauling of electricity infrastructure in Karachi.

The news came just months after the multinational Shanghai Electric revealed that it will buy the K-Electric.

China is ramping up investment in its South Asian neighbour as part of a $46 billion project unveiled last year that will link its far-western Xinjiang region to Gwadar port with a series of infrastructure, power and transport upgrades.

In a presentation made to Pakistani authorities, Shanghai Electric said it would invest an average of $700 million a year until 2030 to increase capacity, improve cabling and target bill defaulters.

“The investment would be utilised in distribution, generation, transmission” and training, Miftah Ismail, minister for state and chairman of Pakistan’s Board of Investment said.

The investment would also aim to tackle widespread electricity theft and other losses that cost about $269 million a month in the city, partly by replacing above-ground grid stations with underground ones.

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