Karachi February 22 2024: Indus Motor Company Limited announced to invest an amount of PKR 3 billion for additional localization of parts in order to save foreign exchange for Pakistan.
“The Board of Directors in its meeting held yesterday has approved an Investment of around Rs 3 Billion to be made by the Company for additional localization of parts and components of various existing vehicles” states the company in its filing to the exchange.
This is part of company’s overall plan to continuously increase localization of parts and components of vehicles manufactured locally, in order to reduce outflow of foreign exchange and promote the local auto industry.
The announced investment shall be made towards expenditure in plant and machinery, molds, dies, equipment and related expenses for localization of parts and components to be manufactured locally for various existing vehicles. The investment is planned to be completed by third quarter of calendar year 2025.
