In pursuance of the previous announcement that detailed the relevant information regarding the Hyundai Nishat Company, the company has announced that “Hyundai Nishat Motor (Pvt.) Limited (HNML) has entered into an ‘investment agreement’ with the Ministry of Industries and Production, Government of Pakistan”.
The agreement reached is under the Automotive Development Policy 2016 – 21 for setting up a Greenfield project to undertake assembly, sale of passenger and 1 ton commercial vehicles in Pakistan.
The agreement will help HNML avail duty concessions and incentives available under the Policy given the completion of necessary requisites.
NHML has announced Ground Breaking of the project on 20 December, 2017, at M-3 Industrial City, Sahianwala, FIEDMC, and Faisalabad.
Furthermore, company informed that the newly installed spinning unit at the Nishat Mills Ltd. will commence operations from 20th of December. The new unit will have 49,536 spindles installed at M-3 Industrial City, Sahianwala FIEDMC, Faisalabad.
The spindles will include 22,176 spindles shifted from our existing Spinning facility located at Nishtabad, Faisalabad.
