Sazgar Engineering Works, maker of CNG auto rickshaws, has decided to set up a passenger car and light commercial vehicles’ (LCVs) plant on a fast-track basis as it looks to roll out models in an 18-month time frame to tap potential growth in Pakistan’s auto sector.
To achieve the target, the company has put on hold its earlier announced expansion plan for three-wheelers, stated a notification sent to the stock exchange on Wednesday.
Company Secretary Arshad Mahmood, in the notification to the Pakistan Stock Exchange (PSX) said:
“Considering the potential growth and future prospects of the automobile sector in the country and in order to facilitate timely completion of the project; the board has decided to hold the expansion of auto rickshaws production facilities as communicated earlier. The project will be completed by June 30, 2019 while the plant would have a production capacity of 24,000 units per annum.”
The company is already in the process of getting approvals from the regulatory authorities for the project and intends to set up a brand new car plant under the Greenfield Investment Category that has already been announced in the five-year Automotive Development Policy (ADP) 2016-21.
Full story: Tribune