Islamabad January 31 2023: Indus Motor Company Limited shut its plant for a period of 15 days from tomorrow while decided to run the plant on Single Shift basis from 15th February 2023, according to company filing to the Pakistan Stock Exchange.
The notification stated that In light of the recently introduced mechanism vide EPD Circular No. 20 of 2022 dated December 27, 2022, (effective from 2nd January, 2023), Commercial Banks are advised to prioritize / facilitate the imports to specified sectors only, which does not include auto sector. The company and its vendors continue to face major hurdles in import of raw materials and receiving clearance of their consignments from commercial banks. This has disrupted the entire supply chain and the vendors are unable to supply raw materials and components to the Company.
Accordingly, the company has insufficient inventory levels, therefore, the company is unable to continue its production activities.
In view of the above, the Company has decided to completely shut down its Plant from 1st February, 2023 to 14th February, 2023. Moreover, the company has also decided to start its production on Single Shift basis from 15th February, 2023 until further notice.