Rs 15 billion state of the art mega auto manufacturing plant being installed in Pakistan
Shares
ISLAMABAD - Meezan Bank to finance the Hyundai Nishat for upcoming vehicle manufacturing project worth Rs 25 billion.
The state-of-the-art manufacturing plant is being installed in the industrial estate of Faisalabad spanning over an area of 70 acres with an investment outlay estimated at over Rs15 billion.
The project is being set up under the auspices of the Automotive Development Policy (2016-21) announced by the Government of Pakistan.
Groundbreaking of the project was done in December last year and commercial operations are scheduled to begin by the end of 2019. Hyundai Nishat aims to introduce a range of globally acclaimed models of Hyundai in both passengers and light commercial category through a nationwide network of 3S dealerships. ------------------------------
The new automotive policy (2016-21) has attracted many new automakers to Pakistan sensing the market’s high growth potential. Leading international brands like Hyundai, KIA and Renault along with other Chinese auto manufacturers have responded very positively to the auto policy incentives and several projects are now at various stages of development.
