May 6, 2003	Tuesday	Rabi-ul-Awwal 3, 1424

KARACHI, May 5: Engro Chemical Pakistan Limited—the fertiliser producing company—announced on Monday that it had acquired controlling interest in the Automation & Control division of Innovative (Private) Limited, a Lahore-based company. Engro, which already has joint ventures in other chemical related businesses, said that the new company would offer automation and control solutions in energy management, plant optimization and process data integration to a wide range of leading companies in Pakistan.

The new company to be headquartered in Lahore would be called Innovative Automation & Engineering (Private) Limited, Engro said and added that the acquisition was part of its drive to strategically diversify its business portfolio. It said that the company would market variety of services in automation and control to industries in Pakistan and also export its services to the Middle East markets. The newly constituted Board of directors of the company elected Khalid S Subhani of Engro as chairman and nominated Mr Bakhtiar H Wain of Innovative as the chief executive officer.