Privatization is the “catch word” in the world now days. Alarge number of developed economies, emerging markets and under developed countries have gone through liberalizingof their SOE (State Owned Enterprises) with an intention to create more opportunities for investment in the country and to achieve sustainable growth of industrial sector. In Pakistan privatization started in the era of General Zia, and carriedon by successive regimes. This conceptual paper throws light on the process and consequences of privatization while quoting Pakistan’s experience.