Indus Motor Company Limited has announced an additional investment of Rs1.1 billion aimed at further localizing parts and components for various existing vehicles.
This decision, approved by the company’s Board of Directors on August 30, 2024, increases the total investment for localisation efforts to Rs4.1 billion.
“We are pleased to announce that the Board of Directors in its meeting held on 30th August 2024, has approved a further investment of Rs. 1.1 Billion to be made by the company for additional localisation of parts and components of various existing vehicles, thereby making the total investment in the project for additional localisation to Rs 4.1 Billion,” the company said in its notice to the PSX on Monday.
“This move is part of Indus Motor’s ongoing initiative to enhance the production of locally manufactured vehicle parts, reducing the outflow of foreign exchange and bolstering the local automotive industry,” read the notice.
The investment will be directed towards expenditures in plant and machinery, molds, dies, equipment, and related expenses for the localization process, it added.
The company had previously committed Rs3 billion towards the localization project, which is expected to be completed by the third quarter of 2025. The newly announced Rs1.1 billion investment is planned for completion by the first quarter of 2026.
