ISLAMABAD: Hyundai Nishat Motor, a unit of Nishat Mills, had entered in an investment agreement with the government of Pakistan to assemble and sell passenger and 1-ton commercial vehicles in the country, the company Friday said.
The statement to Pakistan Stock Exchange (PSX) said the ground breaking ceremony of the plant had been planned next week on December 20 in Faisalabad, private news channel reported.
The company would manufacture one ton vehicles in the country and the project was expected to get tax concessions under auto policy.
Earlier on February 3, this year, an agreement was signed between Nishat Mills and Hyundai Motor Company of South Korea and Sojitz Corporation Japan for negotiating and establishing a framework for setting up a green field project for plant’s assembly and sales of passenger and one ton range commercial vehicles in Pakistan.
According to the market sources, the investment would range from 400 million dollars to 500 million dollars.
In March 2016, the government unveiled its Automobile Development Policy 2016-2021, which provides various incentives for automakers entering the market, such as reduced import taxes on parts.
