Engro corporation has sold off its coal and power generation business which had a major contribution in providing electricity to Pakistan.

The company has sold its thermal unit to Liberty Power Holding Pvt. and a consortium of three partner companies for Rs34.75 billion, according to Bloomberg.

The acquisition has been called one of the largest in Pakistan’s history.

Pakistan was one of the biggest recepients of the Belt and Road Initiative started by China in 2013 with one of the key investments being in the area of powere generation.

Bloomberg said that $25 billion worth of power plants have been set up through BRI investment in the country.

In addition to being a key player in the energy market, Engro was also one of the main companies behind coal exploration in the country of which Pakistan has massive reserves.

Engro said that the sale of its power generation business will allow it to ‘optimize capital and resource allocation’.