Hyundai plans to set up assembly plant in Pakistan

Hyundai Motor Company (HMC) plans to set up a car assembly plant in Pakistan in a joint venture with Pakistani textile giant Nishat Mills, a Nishat Mills official said on Friday.

Hyundai, South Korea’s largest automaker, has been seeking a local partner to set up an assembly line in Pakistan, Nishat Mills company secretary Khalid Chauhan told Reuters.

“Today we have signed a memorandum of understanding between the two companies and we will set up a … project for the assembly and sales of both passenger and commercial vehicles,” said Chauhan.

“The project will be subject to statutory and regulatory approval,” he added.

In a notice sent to the PSX today, Nishat Mills conveyed that it has entered into a MoU with HMC South Korea and Sojitz Corporation, Japan for negotiating and establishing a framework for setting up a green field project for assembly and sales of HMC passenger and 1 ton commercial vehicles in Pakistan.

Source: Tribune News

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