Zesa Holdings chief executive officer Josh Chifamba says the manufacturing and selling of transformers by one of its subsidiary companies, Zesa Enterprises, will become a billion-dollar business unit next year through exports.
Chifamba said it was strategic to continue having a transformer manufacturing unit.
“Our division is now manufacturing and exporting transformers all over the region. The most interesting aspect is that in 2012 it will be a one-billion-dollar business in terms of sales,” said Chifamba.
“If in future Zimbabwe move to its own currency and have a foreign account deficit, we will use the manufacturing arm to raise forex.
We will make sure it is run efficiently and make profits.
“We have entered into partnership with an Indian private sector firm which is private public partnership and it is posting profits”.
Zesa Enterprises recently signed a technology transfer agreement with PM Electronics of India.
On electricity billing, Chifamba said a new system would be installed in Harare mid this month.
“We have installed a new billing system and within the next two weeks Harare would run live on the system and billing problems would be over,” said Chifamba.
He said it was a huge disadvantage for customers to continue receiving incorrect bills as they simply stop paying and no revenue accrues to Zesa.
Chifamba said 82% of meters were being read countrywide and the $450 million debt has been reduced to $422 million.
He under the 2012 Budget is seeking an allocation of $866m of which $269m will go towards power generation, $369m on transmission and distribution.
Electricity imports are projected to gobble about $81m while $146m will be channelled for other support activities.
Chifamba said of the $60m allocated from the fiscus this year only $30m.