INDU shuts down production plant on LC approval constraints

By MG News | July 29, 2022 at 09:28 AM GMT+05:00

0:00

July 29, 2022 (MLN): Indus Motor Company Limited (INDU) has decided to temporarily shut down its production plant effective from August 1, 2022 to August 13, 2022 due to the falling rupee and LC approval constraints, the company’s filing on PSX showed on Friday.

The decision of shutting down the plant came in the light of the unforeseen devaluation of the Pakistani Rupee, coupled with the government restrictions, including the LC approval constraints rendering it impossible to import CKD kits without prior permission, and the continuing economic instability.

The company is facing hurdles in the import of CKD kits and components which is adversely affecting the supply chain and production activities.

The aforesaid delay and unforeseen factors have resulted in insufficient inventory levels as would be required to maintain further production. The situation is forcing the company towards a temporary production shutdown and closure of the company's plant, the notice noted.

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