Stelco and Fenaka sign an agreement where the older company will be providing technical expertise, training and assistance. Fenaka said it's biggest expenses go towards servicing pumps and gensets, which Stelco can help decrease through staff training.
An agreement was signed between the two companies on Tuesday where State Electric Company (Stelco) has agreed to provide technical support to Fenaka, the company which handles electricity supply to islands besides the capital.
The agreement was signed by Stelco Managing Director Hussain Fahmy and Fenaka Managing Director Muaz Mohamed Rasheed.
As per the agreement, Stelco will be providing technical training to Fenaka staff, as well as extending other technical assistance.
Stelco's MD elaborated that the company will be providing mechanical and engineering training to Fenaka staff, adding that all training and support will be provided free of charge.
Fenaka MD Muaz revealed that one of the biggest expenditures of the company involve servicing pumps and generators, with MVR 117 million being spent on this in 2023 alone.
"This is the biggest help we can receive in our current efforts to come out of the financial difficulties we are in. Getting Stelco's assistance in our servicing. This will also contribute towards improving the services we offer," Muaz said.
Stelco has previously also assisted Fenaka. Fenaka said that today's agreement is regarding broadening the fields of assistance, and establishing a more systematic approach to provide the assistance.
Sign In