March 24, 2023 (MLN): Indus Motor Company Limited (PSX: INDU), one of Pakistan's leading automotive manufacturers has decided to shut down its production plant from March 24, 2023, to March 27, 2023.
In a notification sent to PSX, the company said that the decision was made due to the company's inability to maintain sufficient inventory levels to sustain production.
The company has been facing multiple hurdles in importing raw materials and receiving clearance for their consignments from commercial banks.
The difficulties in opening letters of credit (LCs) for raw materials by banks have disrupted the supply chain of the company, making it impossible for its vendors to supply raw materials and components to the company, it added.
As a result, Indus Motor Company Ltd has been unable to continue its production activities.