Islamabad, Sep 24: One of the biggest E&P companies in Pakistan, Mari Petroleum Company Limited (MPCL), has approved a Rs10 billion equity investment in the proposed wholly-owned IT subsidiary.
The decision was decided by the board on September 23, 2024, the business announced in a public filing on Tuesday. Earlier, on August 8, MPCL announced in a stock notice that it intended to establish a subsidiary that would concentrate on cloud computing and artificial intelligence (AI) in order to enter the Information Technology (IT) industry.
It stated, “The company’s Board of Directors has approved the formation of a subsidiary with a focus on cloud computing and artificial intelligence.”According to MPCL, the subsidiary will be founded with an emphasis on artificial intelligence, cloud computing, data centers, and other cutting-edge technologies, including those used in the mining and petroleum industries.
