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Nishat Mills Limited
Pakistani textile company From Wikipedia, the free encyclopedia
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Nishat Mills Limited (Urdu pronunciation: [niːˈʃaːt] nee-SHAHT) is a Pakistani textile company based in Lahore.[2] It produces yarn, linen, and other products made from raw cotton and synthetic fibers.[3] It is one of the largest textile companies of Pakistan.[4]
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History
Nishat Mills Limited was founded in 1951 by Mian Muhammad Yahya, Mian Hameed, Mian Rafiq, and Mian Ayub.[5] The name "Nishat" was pre-assigned to the textile license they acquired and was not chosen by the founders.[5]
In 1995, Raza Textiles merged with its sister company, Umer Fabrics, which was later merged into Nishat Mills in 2004.[6] Two years later, in 1997, Nishat Fabrics and Nishat Tek were amalgamated into Nishat Mills.[7]
In May 2009, Nishat Apparel Limited was merged to Nishat Mills.[8]
In January 2023, Nishat acquired Wernerfelt A/S, a company based in Denmark, from Lars Lauridsen Holding ApS.[9]
In September 2024, Nishat sold its shareholding in Nishat Hospitality, established subsidiaries in the United Kingdom and Turkey, and opened a liaison office in Bangladesh.[10][11]
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Subsidiaries
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Nishat Power
Nishat Power Limited was incorporated in February 2007 as an independent power producer.[12] It is a subsidiary of Nishat Mills Limited, which holds a 51 percent ownership stake.[13]
Nishat Power commenced commercial operations on June 9, 2010.[12] The power plant, supplied by Wärtsilä, is located near Kasur District in Punjab and operates using residual furnace oil, with a gross generation capacity of 200 MW.[13][14] For the first five years, the operation and maintenance of the plant were handled by Wärtsilä, which later trained local staff to manage it in-house.[15]
In 2009, Nishat Power Limited was listed on the Karachi Stock Exchange.[16][17]
Under the power purchase agreement (PPA) signed with NTDC in 2007, Nishat Power received a tariff of 12.1253 U.S. cents per kilowatt-hour (kWh).[13][18] The duration of the PPA was twenty-five years.[13] Also, it had signed a ten-year fuel supply agreement with Shell Pakistan.[13] The original PPA was signed by the Government of Pakistan with the sovereign guarantee and it offered 15 percent return on equity with United States dollar indexation.[19] However, in August 2020, PPA was revised by the government and US dollar indexation was removed.[19]
Nishat Linen
Nishat Linen was founded in 1989 by Naz Mansha, the wife of Pakistani businessman, Mian Muhammad Mansha.[20][21][22]
In 1989, Nishat Linen established a factory.[23] In 1994, the first retail store of Nishat was opened.[23]
Nishat Linen also operates franchises of Inglot Cosmetics and Swarovski in Pakistan.[23]
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References
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