No plans for layoffs: IMC

KARACHI: Indus Motors Company (IMC) on Thursday said there are no plans for company-wide layoffs after the auto maker had shut down its production plant from December 20-30, citing a delay in import approvals from the central bank.

“Our human resource is our most valuable asset and our biggest strength by far. As we have always done in the past, guarding their welfare during any rough patch is our moral obligation as it is now,” Ali Asghar Jamali, company’s Chief Executive, said in a statement.

“Despite these challenging times, and following Toyota’s legacy of tenacity, we are optimistic and standing tall. InshahAllah, this too shall pass.”

IMC is a joint venture between certain companies of House of Habib of Pakistan, Toyota Motor Corporation (TMC) and Toyota Tsusho Corporation (TTC) of Japan. Incorporated in 1989, the company manufactures and markets Toyota brand vehicles in Pakistan.

These include several variants of the flagship ‘Corolla’ and ‘Yaris’ in the passenger car segment, ‘Hilux’ in the light commercial vehicle segment and ‘Fortuner’ in the sports utility vehicle segment.

Jamali said despite the LC restrictions imposed by the State Bank of Pakistan and the consequent shut down of plant at Port Qasim, the company will not lay-off its workforce.

“Pakistan is at a cross roads both economically and at the political front. The State Bank of Pakistan’s LC restrictions which continue unabated, has adversely affected our operations, halting production intermittently, for the sixth month running now,” he added.