Who Owns Nishat Power? Inside the Mansha Group
The Mansha family's four power plants, what they collect, and the path from textile mills to first place on Pakistan's wealthiest list
By Asad Baig · Lahore · April 2026 · Approx. 4-min read
The short answer
Nishat Power, Lalpir Power, Pakgen Power, and Nishat Chunian Power are all owned by the Mansha family / Nishat Group, headed by Mian Muhammad Mansha. Combined capacity is approximately 1,127 MW. Combined capacity payments in FY2023-24 were estimated at Rs. 60 to 80 billion.
The four plants
| Plant | Capacity | Fuel | Status as of April 2026 |
|---|---|---|---|
| Lalpir Power | 362 MW | Furnace oil | Terminated October 2024 |
| Pakgen Power | 365 MW | Furnace oil | Terminated October 2024 |
| Nishat Power | 200 MW | Furnace oil | Operating |
| Nishat Chunian Power | 200 MW | Furnace oil | Operating |
In October 2024, the Mansha group "voluntarily" terminated Lalpir and Pakgen as part of the Pakistani government's renegotiation efforts. The Prime Minister praised the family for "national interest." What was less reported was that those plants were within two to three years of their natural contract expiry. By accepting early termination, the Mansha group received accelerated payment of all outstanding receivables, billions in dues.
The remaining two plants, Nishat Power and Nishat Chunian Power, continue to operate under the original 1994 Power Policy take-or-pay terms.
How the family got here
The Mansha family was ranked 15th richest in Pakistan in 1970. By 1993 they were the wealthiest. The transformation happened in two years through a sequence of regulatory decisions.
In December 1990, the Mansha consortium submitted the third lowest of five bids for Muslim Commercial Bank (MCB). They were declared the winners on January 9, 1991, after being asked to match the highest bid. The legal basis for skipping the higher bidders was never adequately explained. NAB filed a case in connection with the acquisition. The case has been pending for over 26 years.
Within months of the MCB acquisition, the same Privatisation Commission sold five of Pakistan's eight major cement plants to Mansha and his associates. By 1993 the family had risen from 15th to first place among Pakistan's wealthiest.
From this base, the family entered the power sector under the 1994 Power Policy. Four power plants. 1,127 MW total. Estimated Rs. 60-80 billion in annual capacity payments at peak.
I have written about this in detail at The Mansha Empire: From the MCB Bank Sale to Lalpir Power.
What the empire looks like today
Mian Muhammad Mansha's personal net worth is estimated at approximately $5.6 billion. The Nishat Group has assets of approximately $28 billion. The portfolio includes:
- MCB Bank (banking)
- DG Khan Cement (cement)
- Adamjee Insurance (insurance)
- Nishat Hotels and Properties (hospitality / real estate)
- A Hyundai automotive dealership
- A London hotel
- The four power plants discussed above
- Multiple textile and trading subsidiaries
THE COMBINED PICTURE
Four power plants. Combined capacity 1,127 MW. Estimated capacity payments Rs. 60-80 billion in FY2023-24. Two plants terminated in October 2024 with accelerated receivable payment, framed publicly as "national interest." Two plants continuing under original take-or-pay terms.
What you should take away
Three things.
Nishat Power, Lalpir, Pakgen, and Nishat Chunian are all Mansha family plants. Combined capacity 1,127 MW. The Mansha group is one of the largest IPP owners in Pakistan.
The October 2024 terminations were celebrated as patriotic but commercially favourable to the family. Plants near natural contract expiry were terminated with accelerated payment of outstanding receivables.
The path from 15th richest in 1970 to first richest in 1993 happened through a specific sequence of regulatory decisions. The MCB privatisation. The cement plant allocations. The 1994 Power Policy access. Each was a discretionary government decision.
Now you know who owns Nishat Power. Pass it on.
Thank you for reading.
, Asad Baig, Lahore, April 2026
Frequently asked questions
Who owns Nishat Power? Nishat Power Limited is owned by the Mansha family / Nishat Group, headed by Mian Muhammad Mansha. The same group also owns Lalpir Power, Pakgen Power, and Nishat Chunian Power.
What is the combined capacity of all Mansha family power plants? Approximately 1,127 MW across four plants: Lalpir (362 MW), Pakgen (365 MW), Nishat Power (200 MW), and Nishat Chunian (200 MW). After the October 2024 terminations of Lalpir and Pakgen, current operating capacity is 400 MW.
What is Mian Muhammad Mansha's net worth? Estimated at approximately $5.6 billion as of recent estimates, making him consistently the wealthiest individual in Pakistan.
Sources and notes
- NEPRA tariff filings for Lalpir, Pakgen, Nishat, Nishat Chunian (nepra.org.pk)
- Karachi Stock Exchange / PSX disclosures of Nishat Power, Nishat Chunian Power
- Times of Islamabad, Mian Mansha's Nishat Power taking highest ever profits of 32% (15 January 2019)
- Dawn, Most of IPPs owned by 40 Pakistani families, groups (22 July 2024)
Related reading from Asad Baig
The cluster post this answers under
The pillar
Sibling long-tail explainers
- Who Owns HUBCO? The Dawood Group's Power Empire
- The Oursun Solar Tariff Scandal: 132 Cents per Unit, Explained
- The 2018 NAB List: 71 Politicians and Bureaucrats with Power Sector Links
Asad Baig