KARACHI, Aug 29: The Daewoo Bus Corporation (DBC) of Korea has decided to share hands with the Afzal Motors Private Limited (AMPL) by establishing a joint venture company (JVC), namely Daewoo Pak Motors (Pvt) Limited (DPML), with a 50 per cent equity. The joint venture agreement will be worth $20 million.

The agreement was signed by DBC vice chairman Yeo Sung Koog and AMPL Managing Director Mohammad Ayub Khan on behalf of their organisations at a ceremony held at the plant on Thursday.

The company will produce world class luxury buses for domestic and export market. The joint venture will generate new job opportunities directly and indirectly.

According to a press release, the production will start in January next and 15 Daewoo luxury buses are planned for assembling in the first year.

The production will be enhanced to 3,000 units in three years. The company also plans to export buses to Saudi Arabia and other Middle East countries.

The new buses will be equipped with Euro–I, Euro-II diesel and dedicate CNG engines.