Loads Ltd., an auto parts manufacturing company has announced that it has entered in an agreement with the Australian Firm to set up an alloy wheels manufacturing plant. The firm announced that it seeks to import a used up plant from Australia, where auto parts manufacturers are wrapping up their businesses due to liberal import policy and high labor costs.
The company seeks to take advantage of the local demand, as all the industry is dependent upon imports for their alloy wheels. The company seeks to supply the local demand in the short term, whereas, seeks to expand in to the foreign markets.
The company has announced that the plant will be installed at Bin Qasim Industrial Park. A financial plan is expected to finalize after agreement from the board. A Board Meeting is expected to be held on 21st of December which will consider, review and approve of the financial plan for the company and the project.
According to the release, the installation cost is expected to be around 1.25 – 1.5 billion, which includes the land price.
Loads Ltd. raised a hefty sum of around Rs. 1.75 billion through a public offering two years ago.
