KARACHI: Ghandhara Nissan Limited (GNL) has announced its plans to locally assemble Renault Trucks (RT) by end of 2019 at the manufacturing site in Port Qasim, according to a company release issued on Thursday.
Prior to assembly, RT in partnership with GNL had launched full range of Renault trucks. Currently all the vehicles are being imported in built up condition from Lyon, France.
GNL is also responsible for the distribution and after sales service of three new ranges, notified the company in a stock filing. Senior Vice President of RT, Olivier De Saint Meleuc said Pakistan is an important market and is developing with large infrastructure projects especially under China-Pakistan Economic Corridor (CPEC) which requires robust and reliable trucks to cater to rising demands.
Chief Executive Officer GNL, Ahmed Kuli Khan Khattak said that local assembly will generate employment opportunities. He said that RT would comply 100 per cent with the demanding specifications in terms of safety required by all the major oil companies.
GNL officials, however, refused to comment on the investment details in the project. He said that it is not a joint venture but an extension of the cooperation and distribution agreement signed between the two companies in early 2018. He said that the company is planning to assemble 100 units a year which may create over 100 direct jobs.
Baltoro acquires stake in NAFA Funds: Baltoro Growth Fund has acquired Alexandra Fund Management’s stake in the NBP Funds.
The National Bank of Pakistan (NBP) will continue to hold a controlling stake in the company.
Baltoro Fund, a Pakistan focused private equity firm, investments include a stake in Karachi-based AGP Pharma and investment in Triconboston, a 150MW wind farm in Jhimpir Sindh.
Published in Dawn, November 16th, 2018