INDU to invest Rs3bn in localizing vehicle parts

MG News | February 22, 2024 at 10:43 AM GMT+05:00

0:00

February 22, 2024 (MLN): The Board of Directors of Indus Motor Company Limited (PSX: INDU) has approved an investment of around Rs3 billion for additional localization of parts and components of various existing vehicles, the company informed through a notice sent to the local bourse today.

This is part of company's overall plan to continuously increase localization of parts and components of vehicles manufactured locally, in order to reduce outflow of foreign exchange and promote the local auto industry.

The announced investment will be made towards expenditure in plant and machinery, molds, dies, equipment, and related expenses for localization of parts and components to be manufactured locally for various existing vehicles.

The investment is planned to be completed by the third quarter of calendar year 2025.

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