INDU halts its operations to May 3

By MG News | April 28, 2023 at 02:50 PM GMT+05:00

0:00

April 28, 2023 (MLN): The management of Indus Motor Company Limited (PSX) has decided to completely shut down its production plant from May 2, 2023, to May 3, 2023, the company's filing on PSX showed today.

The company and its vendors continue to face hurdles on import raw materials and receiving clearance of their consignments from commercial banks, on account of difficulties in the opening of LCs for raw materials by banks, the notice issued to PSX read.

This has disrupted the supply chain of the company and its vendors are unable to supply raw materials and components to the company, it added further.

Accordingly, the company has insufficient inventory levels to maintain production, therefore the company is unable to continue its production activities.

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