Indus Motor steers toward Rs1.1bn localization boost

By MG News | Category Equity | September 02, 2024 at 09:57 AM GMT+05:00

0:00

September 02, 2024 (MLN): The Board of Directors (BoD) of Indus Motor Company Limited (PSX: INDU) approved a further Investment of Rs1.1 billion to be made by the company for additional localization of parts and components of various existing vehicles.

This will make the total investment in the project for additional localization to Rs4.1bn.

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

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

The further investment of Rs1.1 billion is planned to be completed by the first quarter of the calendar year 2026.

This information was disseminated by the company through the local bourse.

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