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A joint-venture smart prepayment meter-manufacturing firm-Bangladesh Smart Electrical Company Ltd (BSECL)-was established on Sunday.
State-run West Zone Power Distribution Company Ltd (WZPDCL) and Chinese Hexing Electrical Company Ltd (HECL) floated the company.
The WZPDCL will have a 51 per cent stake and the HECL a 49 per cent stake in the joint venture.
State minister for power, energy and mineral resources Nasrul Hamid was present as the chief guest at the deal-signing ceremony at Bidyut Bhaban in the city.
HECL chairman Zhou Liang Zhang and WZPDCL secretary Abdul Motaleb inked the deal to form the BSECL.
The authorised capital of the BSECL will be Tk 500 million and the paid-up capital Tk 286 million.
At the event, Mr Hamid laid stress on the modernisation of power distribution and transmission companies to provide better services for consumers.
He welcomed the WZPDCL initiative to manufacture prepayment meters and urged others to follow suit to cater to the growing needs of the country.
Power division secretary Maksuda Khatun chaired the programme where power secretary Ahmad Kaikaus and BPDB chairman Khaled Mahmood, among others, also spoke.