Produc­tion facili­ty is result of Nishat Mills' joint ventur­e with Korean compan­yKARACHI: Nishat Mills Limited (NML), one of the largest integrated textiles mills in the country, announced on Friday that it would hold the ground-breaking ceremony of its automobile plant – a joint venture with Hyundai Motor Corporation (HMC) – on December 20, 2017. The NML’s joint venture will produce HMC passenger cars and 1-ton range commercial vehicles in Pakistan. After the announcement of the new auto policy in March 2016, a number of foreign automobile companies have announced to set up their plants in Pakistan. Both leading Korean automobile companies, Hyundai and Kia, used to assemble cars in Pakistan but left the market mainly due to the liberal used car import policy in the Musharraf regime. The government wanted to encourage new players to invest in the local market, which is currently dominated by three Japanese players.

Source: The Express Tribune December 15, 2017 15:34 UTC