FAISALABAD: Renowned French automobile manufacturer is gearing to commence vehicle production in Pakistan in 2020, which announced its entrance last November in an exclusive partnership with Al-Futtaim, the UAE-based conglomerate.
Al-Futtaim is said to possess the state-of-the-art technology and robotic arms for car manufacturing and in June this year acquired an industrial land in Faisalabad for establishing a factory for manufacturing and assembling of vehicles in the country.
The industrial land acquired by Al-Futtaim Renault Pakistan is situated at M-3 industrial city in Faisalabad Industrial Estate Development and Management Company (FIEDMC) and is 54 acres in size.
Al-Futtaim Renault Pakistan is set to invest $140 million for establishing its automobile assembly plant in FIEDMC.
In an interview to Express Tribune, FIEDMC Chief Operating Officer Aamir Saleemi said the Al Futtaim-Renault joint venture would utilize the latest technology for the car assembly plant with all the safety equipment.
The Renault plant based in FIEDMC will have an installed capacity of 50,000 vehicles per annum and at the start, the company may release five vehicle variants.
Al Futtaim-Renault is aiming to be a major car assembler in Pakistan and will setup a dealership network for the smooth sale of its cars across the country.
The French car giant is expected to bring the latest cars and technology to the country’s automobile sector in an effort to break the troika of three domineering Japanese assemblers Suzuki, Toyota and Honda.
Mr Saleemi shared this joint venture will bring in major foreign direct investment to Pakistan and enable the creation of many direct and indirect jobs, which would ultimately improve the living standards of people in the country.
Renault cars are expected to land in the market by June 2020 and display office of Al Futtaim-Renault may be setup by end of next year, since work on many premises has started in various cities across the country.
