KARACHI: Kia Lucky Motors Pakistan is targeting to commence commercial production by the first quarter of the next financial year 2019-20.
In a notification sent to the Pakistan Stock Exchange (PSX), Lucky Cement said Kia Lucky Motors (KLM) had begun its complete built-up (CBU) operations in June 2018.
It added KLM has opened company owned /third-party operated dealerships in some of the metro cities of Pakistan.
In December 2017, Kia Lucky Motors and the Ministry of Industry and Production had inked an agreement for the production of light commercial and passenger vehicles under the Automotive Development Policy 2016-2021.
KLM was to invest $ 115 million for setting up an automobile assembly plant in Karachi that would produce a wide range of commercial and passenger vehicles.
Furthermore, the notification stated the construction activity for establishing its 660-megawatt supercritical, lignite power plant is progressing well and on schedule.
Lucky Cement said the project remains on track to achieve commercial operations by 1st March 2021.
Moreover, the greenfield clinker production facility in Samawah, Iraq has achieved financial close and the letter of credit to import plant and machinery was opened in December 2018, said the notification.
Also, levelling work at project site has commenced earlier this month and civil works are expected to begin in March 2019.
The target to achieve commercial production is for the last quarter of the financial year 2019-20.