ISLAMABAD – Meezan Bank to finance the Hyundai Nishat for upcoming vehiclemanufacturing project worth Rs 25 billion.
The state-of-the-art manufacturing plant is being installed in theindustrial estate of Faisalabad spanning over an area of 70 acres with aninvestment outlay estimated at over Rs15 billion.
The project is being set up under the auspices of the AutomotiveDevelopment Policy (2016-21) announced by the Government of Pakistan.
Groundbreaking of the project was done in December last year and commercialoperations are scheduled to begin by the end of 2019. Hyundai Nishat aimsto introduce a range of globally acclaimed models of Hyundai in bothpassengers and light commercial category through a nationwide network of 3Sdealerships.——————————
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The new automotive policy (2016-21) has attracted many new automakers toPakistan sensing the market’s high growth potential. Leading internationalbrands like Hyundai, KIA and Renault along with other Chinese automanufacturers have responded very positively to the auto policy incentivesand several projects are now at various stages of development.
