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Hyundai Nishat Motor inks agreement with govt to enter Pakistan's car market.

ISLAMABAD -- Hyundai Nishat Motor, a unit of Nishat Mills, enters investment agreement with the Government of Pakistan to assemble and sell passenger and 1-ton commercial vehicles in the country, the company said in stock exchange filing in Karach on Fridayi. The statement to Pakistan Stock Exchange (PSX) said that the ground breaking ceremony of the plant has been planned next week on December 20 in Faisalabad. The company will manufacture one ton vehicles in the country and the project is expected to get tax concessions under auto policy. Earlier on February 3rd 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.

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Publication:The Messenger (Karachi, Pakistan)
Geographic Code:9PAKI
Date:Dec 16, 2017
Words:212
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