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.

Published in Dawn, December 16th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Royal tantrum
Updated 20 Jul, 2024

Royal tantrum

The PML-N's confrontational stance and overt refusal to respect courts orders on arguably flimsy pretexts is a dangerous sign.
Bangladesh chaos
Updated 20 Jul, 2024

Bangladesh chaos

The unfortunate events playing out in Bangladesh should serve as a warning sign for other South Asian states.
Fitch’s estimate
20 Jul, 2024

Fitch’s estimate

FITCH seems to be more optimistic about Pakistan accelerating its economic growth rate to 3.2pc during this fiscal...
Misplaced priorities
Updated 19 Jul, 2024

Misplaced priorities

The government must call its APC at the earliest and invite all stakeholders to take part; this matter cannot be delayed further.
Oman terror attack
19 Jul, 2024

Oman terror attack

THE normally peaceful sultanate of Oman was shaken by sectarian terrorism on Monday when militants belonging to the...
Urban flooding
19 Jul, 2024

Urban flooding

THE provincial authorities have been taking precautionary measures, or so we have been told, to cope with emergency...