Sazgar to spend Rs1.7bn on car plant
KARACHI: Sazgar Engineering Works said on Wednesday it will spend Rs1.76 billion on its four-wheeler assembly greenfield project.
The project will have a production capacity of 24,000 units per annum and be completed in June 2019, it said in a stock notice to the Pakistan Stock Exchange.
The company has already signed a vehicle assembly cooperation agreement with a Chinese automaker for the manufacture, assembly, sales and after-sales service of passenger and off-road vehicles.
The company said it will also expand its rickshaw production facilities. The production of rickshaws will continue at the existing facilities, it added. The growing market demand for rickshaws will be met by increasing the production hours, the company said.
Sazgar is already in the process of getting approvals from the regulatory authorities for the establishment of the project, it added.
Published in Dawn, January 4th, 2018