Hyundai Nishat Motors Ltd (HNML) has been approved to initiate a greenfield project to undertake assembly and production of passenger and commercial vehicles from its plant situated in Faisalabad.
Hyundai Nishat Motors Ltd is one of the automotive companies commencing its business in Pakistan backed by a strong Nishat Group having over 25 associated companies in multiple sectors.The company has gone into an investment agreement with the Ministry of Industries and Production under Automotive Development Policy 2016-21 to initiate a greenfield project to perform assembly and sale of passenger and 1,000 commercial vehicles in Pakistan, as per the stock filing by the parent company, Nishat Mills Limited.
Under the agreement, the project will be able to take advantage from duty concessions and incentives obtainable under the Automotive Development Policy 2016-21, subject to the completion of necessary formalities. The new automotive company has planned a groundbreaking of its project on December 20, 2017 at M-3 Industrial City Faisalabad.
The company is steadily gearing up its operations to make arrangement of its productions of vehicle in Pakistan in conjunction with its global partner, Hyundai Motor Company.
Last month, there was a teaser released on its official website associated to hybrid cars that are expected to be available in Pakistan. These brands are Tucson, Creta, Elantra and Verna—all come in the high-end and luxury Sedan cars.
The Ministry of Industries and Production has categorized two categories. Category-A comprised of Greenfield investment status that was granted to four auto investors : Hyundai Nishat Motor (Private) Limited, Kia Lucky Motors Pakistan Limited Karachi, Regal Automobiles Industries Limited Karachi, United Motors (Pvt) Limited Lahore.
These companies will fetch an investment of minimum $500million or corresponding of local currency ito set up their operations once agreements are signed with the ministry.
