Hyundai Motor Company to assemble cars in a joint venture with
Hyundai Motor Company plans to set up a car assembly plant in
Pakistan in a joint venture with local textile firm Nishat
“Today we have signed a memorandum of understanding between
the two companies and we will set up a project for the assembly
and sales of both passenger and commercial vehicles,” stated
Khalid Chauhan, Company Secretary, Nishat Mills.
Hyundai's return to Pakistan will boost the government's
compete with the Japanese-dominated car market and loosen the
grip of Toyota, Honda and Suzuki, who assemble cars in Pakistan
with local partners.
Nishat Mills is a subsidiary of Nishat Group, a giant in the
Pakistani banking, textiles, energy and cement sectors. Its
share price rose 1.4 percent after the announcement.
Nishat Mills filed a statement with the Pakistan Stock
Exchange saying the deal was “subject to applicable statutory
and regulatory approvals”.
Last year, French carmaker Renault agreed to invest in a new
factory in Pakistan and South Korean carmaker Kia Motor Co said
it would start assembling cars in a joint venture with
Karachi-listed Lucky Cement, part of the vast conglomerate Yunus