Indus Motor decides to shut down production plant
MG News | December 19, 2022 at 03:48 PM GMT+05:00
December 19, 2022 (MLN): Indus Motor Company Limited (PSX: INDU) has decided to completely shut down its production plant from December 20, 2022, to December 30, 2022, on the of shortage of raw material, the company’s stock filings on the stock exchange showed.
To note, the State Bank of Pakistan (SBP) has introduced a mechanism, for obtaining prior approval for imports of CKD Kits and components of passenger cars for the auto sector.
“The delay in aforesaid approvals for the company and its vendors has created hurdles in the import and clearance of consignments for raw materials and components”, it added.
Therefore, the company is unable to continue its production activities and decided to completely shut down the production plant.
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