Power Cell appoints Boston Consulting to raise $ 500m

Power Cell has appointed Boston Consulting Group (BCG), an American worldwide management consulting firm, for raising $500 million capital for power generation projects.
"Boston would assess the assets and liabilities of Ashuganj Power Company for issuing bonds in Singapore market," Power Cell DG Mohammad Hossain told the Daily Observer on Sunday.
On May 11, 2016 the government announced that state-run Ashuganj Power Station Company would raise around Tk 1,000 crore from the domestic securities market by offloading shares.
Bangladesh's public sector don't have any experience in offloading bond and share in international market, but Bangladesh-China Power Company Ltd was preparing to  issue bonds for raising cash in US dollar for its second 1,320MW coal-fired power project.
BCPC is a 50-50 joint venture between state-run North-West Power Generation Company Limited of Bangladesh and  China National Machinery Export and Import Corporation, in short CMC.
Dhaka Power Distribution Company (DPDC) is also planning to issue bonds abroad to raise $50 million as a test case although there is no progress.
"We want to take Bangladesh to a position where power supply would not be stopped even for a second," State Minister for Power, Energy and Mineral Resources Nasrul Hamid said.
He said around $ 30 billion would be required to implement the existing plan, adding, "The power companies with their own resources could collect finance from stock markets instead of public or donor agencies finance."
"Earlier, we appointed Investment Corporation of Bangladesh (ICB) to prepare the modalities of share offloading and it (ICB) has done its job, " Power Cell GC said.
Officials said that the government was exploring the new avenue to cut down expenditures from the exchequer for implementation of development projects.
The government would provide sovereign guarantee to the offshore investors, said officials.
Following the directive, power generation utilities have been asked to raise funds for new projects by issuing shares in the domestic securities markets and issuing bonds in the international market.