KARACHI: Hyundai Nishat Motor Ltd has signed an investment
agreement with the Ministry of Industries and Production under
Automotive Development Policy 2016-21 for setting up a greenfield
project to undertake assembly and sale of passenger and one-tonne
commercial vehicles.
According to a stock notice on
Friday, the project will be able to avail duty concessions and
incentives under the auto policy subject to the completion of requisite
formalities.
The company has planned a groundbreaking ceremony on Dec 20 at M-3 Industrial City, Faisalabad.
Senior
officials of Nishat Mills said the production of vehicles would start
within two years. However, they did not give any details about the
investment size and names of vehicles that would be built in Pakistan.
