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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