Indus Motors plans to invest $100mn for HEV production

MG News | September 08, 2021 at 03:42 PM GMT+05:00

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September 8, 2021 (MLN): Indus Motor Company Limited (INDU) has planned to invest an estimated aggregate amount of US $100 million, over the period of the next 3 years, for the local production of Hybrid Electric Vehicle (HEV) in Pakistan.

The aforesaid decision of the company was based on the incentives provided against certain taxes and duties as announced by the Government of Pakistan through the Finance Act, 2021 and subsequent SROs, as per the notice issued to Exchange.

The announced investment shall be made towards plant up-gradation and extension, localization of parts or components and production preparation or assembling of the first Hybrid Electric Vehicle, by the Company at its plant in Port Qasim Authority, Karachi.

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