The Nishat group which is one of the biggest companies in Pakistan has been planning to enter the automobile industry of Pakistan since
The two companies have signed a memorandum of understanding to establish a greenfield project for the assembly and sales of both passenger and commercial vehicles. In a filing to the Pakistan Stock Exchange on Friday, the textile mill said its board of directors has given the go-ahead to the project, which is subject to applicable statutory and regulatory approvals.
The notice, however, did not give any further details regarding the value of investment, project site, job creation prospects and the year of starting assembly of vehicles.
An NML official, who asked not to be named, said the company was initially considering starting assembly of car and commercial vehicles in Faisalabad. Further discussions would be held with Hyundai in this regard.
Nishat Group of Companies — after venturing into cement, bank and power sectors — will now try its hand at the booming auto sector. Pakistanis has already had the experience of using Hyundai Santro Plus 1,cc and Shehzore pickup introduced by Dewan Motors in In its first year of operation inDewan assembled and sold and of Santro units which hit peak production and sales of 8, and 7, units in Later, financial problems hit the company resulting in turbulence in production in later years.
Inthe production and sales of 1,cc model stopped. InSantro came back with production and sales of and units but it could not sustain and its production dropped to nil in with sales of only 50 units.
|Nishat Mills , Textiles , Textile||The Nishat group, one of the biggest conglomerates in the country, has been planning to enter the automobile industry since as far back as However, the biggest cause of speculation then had been that both the joint venture partners have yet to decide from which models to start production, cars with cc engines or cc engines.|
Inonly seven units were sold while production was nil. In July-Decemberthere was no production and only one unit was sold in December Shehzore met the similar fate.
Its production started in with 1, units and sales of 1, Its highest production and sales were recorded at 9, and 9, units in After surviving for a few years, production and sales became zero in and Shehzore re-entered the market with production and sales of and units inbut was not able to sustain it.
In and the production remained nil with sales of 10 units each in these two fiscal years.
In July-Decemberthere was nil production and sales as compared to only three units produced in July It is not clear how NML plans to compete with old players who have planned to launch new models in the coming years.
Lucky Group is also entering the market in partnership with Kia, another automaker from South Korea.
Dubai Outlet Mall is open 7 days a week at the following times: Saturday to Wednesday. 10 AM - 10 PM. View the profiles of people named Nishat Buch. Join Facebook to connect with Nishat Buch and others you may know. Facebook gives people the power to. Nishat Group announced its joint venture with the South Korean automotive manufacturer, Hyundai Motor Company and took the sector by storm. Both companies, now going by Nishat Hyundai, are in works of launching an automobile in Pakistan. In an interview, Norez Abdullah CFO of Hyundai Nishat .
Observers say that the new auto policy announced last year seemed to be yielding results and luring investors. Published in Dawn February 4th, Nishat Mills Nishat Mills Limited (“Nishat”) is the single largest textile composite unit in PAKISTAN and is public limited company, listed on all three Pakitstani stock exchanges.
Business Description. The Group's principal activity is to manufacture spins, combs, weaves, bleaches, dyes, prints, stitches, buys and sells textiles 5/5(4). Read the latest articles of Process Biochemistry at initiativeblog.com, Elsevier’s leading platform of peer-reviewed scholarly literature.
Nishat Mills Limited is the flagship company of Nishat Group. It was established in It is one of the most modern, largest vertically integrated textile companies in Pakistan. Nishat Mills Limited. Nishat Mills Limited is the flagship company of Nishat Group.
Nishat Group, Pakistan’s foremost and largest business conglomerate with interests in textiles, cement, power generation, hospitality and financial services, has embarked on a major expansion.
Nishat Textiles. Nishat Mills Limited, the flagship company of the group, was established in With a production facility of , spindles, looms, and a dyeing & printing capacity of 7 million meters ( million yards), NML is the largest composite textile set up in Pakistan. Associated Companies Website Address; Nishat Mills Limited: initiativeblog.com: D.
G. Khan Cement Company Limited: initiativeblog.com Lalpir Power.