With an aim to provide better service to electricity consumer, Bangladesh Smart Electrical Company Ltd has started its journey with the capacity of producing five lakh pre-paid meter annually.

The company was formed on Sunday by signing a joint venture agreement between state-owned West Zone Power Distribution Company Ltd (WZPDCL) and Chinese Hexing Electrical Company Ltd at Bidyut Bhaban in Dhaka.

The deal was signed by Abdul Motaleb, Company Secretary of WZPDCL and Zhou Liangzhang, Chairman of Hexing Electrical Company for implementation of a joint venture company named Bangladesh Smart Electrical Company Limited (BSECL).

The signed contract between WZPDCL and Hexing will facilitate a JV company being first state-owned company in Bangladesh for implementing a plant for manufacturing smart pre-payment meter and other electrical appliances.

WZPDCL, a subsidiary of Bangladesh Power Development Board and Hexing Company will jointly install the plant under 51:49 ownership basis. The authorised capital of the new company will be about Tk 50 crore while the paid-up capital will be Tk 28.6 crore.

The joint venture company is expected to set up the manufacturing plant within the next two months.

There is a mention in the company structure that the smart-pre-payment meter produced by the company can be exported abroad by meeting the domestic demand.

Speaking on the occasion as the chief guest, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said, like the way West Zone Power Company has come forward to produce pre-paid meter, other distribution company should come forward to do so. Since the company is a state owned own, it will not face difficulty in getting listed at the share market.

Maksuda Khatun, Chairman of WZPDCL and Additional Secretary of Power Division said that it will be possible to supply quality smart pre-payment meter at a price less than the present market price to the respected electricity consumers.

"Expected production cost of each single-phase smart pre-payment meter is Tk 3780 and the current market price is Tk 4544." She said.

She also said even if the sale price is Tk 4000 then it will be possible for the customers to get each single phase smart pre-payment meter at a reduced price.

Managing Director of WZPDCL Engineer Md Shafique Uddin said that the new company will be set up in Khulna under WZPDCL area. Government is committed to transform the country into Digital Bagngladesh within 2021. This smart meter company will play an important role to implement the vision.

He also said meters will also be exported to neighboring as well as other countries. The meters can be supplied to the consumers as relatively cheaper price by constant up-gradation of the advancement of technology.

Dr Ahmad Kaikaus, Secretary of Power Division, Zhou Liangzhang, Chairman of Hexing Electrical Company and Khaled Mahmood, Chairman of Bangladesh Power Development Board were present as special guest on this historical event.