Business

Vehicles production: HNML enters investment deal with government

Hyundai Nishat Motor (Private) Limited (HNML), a subsidiary of Nishat Mills (NML) has entered into an investment agreement with the Ministry of Industries and Production, Government of Pakistan under Automotive Development Policy 2016-21 for setting up a green field project to undertake assembly and sale of passenger and one ton commercial vehicles in Pakistan.

Under the agreement, the project will be able to avail duty concessions and incentives available under the policy, subject to completion of requisite formalities, NML, in material information sent to Pakistan Stock Exchange on Friday said.

HNML has planned groundbreaking of the project on December 20, 2017 at M-3, Industrial City, Sahianwala, Faisalabad. NML new spinning unit comprising 49,536 spindles installed at M-3 Industrial City, Sahianwala, Faisalabad will be commencing its commercial production with effect from December 20, 2017. These spindles include 22,176 spindles shifted from the existing spinning facility located at Nishatabad, Faisalabad.

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