Millat Tractors Limited apparently is also jumping the gun to start local manufacturing. On Thursday the company announced that they are willing to explore the option of joining the upcoming joint venture between Hyundai Motor Company and Nishat Mills Limited for the production of passenger cars and light trucks.
MLT’s Board of Directors have authorized Company CEO and Director Sohail Bashir Rana to initiate discussions with the consortium in this regard, said notice to the Pakistan Stock Exchange.
Earlier this months, Nishat Mills through its union with Hyundai Motors announced to set up a greenfield project for assembly and sales of HMC passenger and 1-ton range commercial vehicles in Pakistan. Now MLT also hopes to grasp a piece of this pie by involving in the greenfield project to manufacture vehicles in Pakistan.
The Automotive Development Policy (ADP) 2016-21 has brought many international brands in Pakistan for local assembly. In December 2016, Lucky Cement also declared to invest Rs. 12 billion to set up an assembly part for KIA vehicles in the country. Major brands like Renault, Audi, and Volkswagen also plan to start manufacturing vehicles in Pakistan.