Sazgar Engineering Works (SAZEW) today in the material information notes announced that the Board of Directors have approved the plan to build a Four – Wheel Vehicle Assembly Project worth Rs. 1,760 million with a production capacity of 24,000 units per annum.
The company further mentioned that keeping in view the market dynamics of demand for rickshaws the already communicated project to expand the Rickshaw Production facility has been halted. The company seeks to match the demand by increasing the hours worked on the existing facilities.
The said project is expected to be completed by June 30th, 2019. The total cost of the project is expected to be more than aforementioned amount of Rs. 1,760 million as this amount excludes the value of land already acquired by the company.
The company has already started the process to seek approval from the concerned Regulatory Authorities for setting up the Four Wheeler Project.
The company release can be accessed here.