KARACHI: Al-Futtaim Renault Pakistan has obtained an industrial land in Faisalabad for establishing a factory for manufacturing and assembling of vehicles in the country.
It is a joint venture between Al-Futtaim Automotive International of Dubai and Renault who in November 2017 signed an exclusive agreement for assembly and distribution of Renault vehicles in Pakistan.
The industrial land acquired by Al-Futtaim Renault Pakistan is situated at M-3 industrial city in Faisalabad and is 54 acres in size, reported The News.
Al-Futtaim Renault Pakistan changed its original plan from acquiring land in Bin Qasim Industrial Park for establishing a $140 million auto plant which had experienced long delays.
Senior Managing Director Al-Futtaim Automotive International Colin Cordery on Tuesday said: “We, together with Groupe Renault, are delighted to have completed the land acquisition, which is an important milestone in the project.”
Mr Cordery expressed his satisfaction at the choice of the site for the manufacturing and assembly plant and looked forward to working with Faisalabad Industrial Estate Development and Management Company (FIEDMC) for establishing a modern and world-class factory there.
He added this project would bring major foreign direct investment (FDI) to the country and create many indirect and direct jobs.
The official launch of the construction facility will start in Q4 2018. The design and pre-engineering work of this project is ongoing and on-site activities will start soon.
At the conclusion of the construction work, the assembly plant would have a total installed capacity of over 50,000 units per annum and is expected to start production by 2020.
Senior Vice President Renault for Africa, Middle-East and India region Fabrice Cambolive stated the land purchase in Faisalabad was a significant move towards introducing Renault vehicles to Pakistani customers.
Mr Cambolive said, “We look forward to the continuation of the constructive cooperation with Faisalabad Industrial Estate Development and Management Company and the federal, provincial and local governments in Pakistan to achieve our goal to establish Renault brand in Pakistan.”
He added Al-Futtaim Renault Pakistan would setup a dealership network across Pakistan, which showed both Al-Futtaim and Renault brand values.
