Hyundai Nishat to build vehicles

KARACHI: Hyundai Nishat Motor (Private) Limited (HNML), a subsidiary of Nishat Mills Limited, has entered into an agreement with the government to manufacture passenger and one ton commercial vehicles.

According to a bourse filing on Friday, the investment agreement was signed with the Ministry of Industries and Production under the Automotive Development Policy 2016-21 for setting up a Greenfield project to undertake assembly and sale of passenger and commercial vehicles.

The notification said the project would be able to avail duty concessions and incentives available under the policy, subject to completion of requisite formalities. NHML has planned ground breaking of the project on Wednesday, December 20, 2017, at M-3, Industrial City, Sahianwala, Faisalabad.