Hyundai, the South Korean car makers, is looking to partner with Mian Masha’s Nishat Mills Limited to setup vehicle assembly plant in Pakistan, said a company announcement sent to Pakistan Stock Exchange.
Hyundai, a decade ago or so, used to assemble and sell cars in Pakistan through Dewan group. Since then, for a long time now, it was looking for a local partner for a re-entry in Pakistani market.
With this new development, it seems, Hyundai has found a local partner and soon a deal will be locked.
Nishat Mills, while speaking with Reuters, said that a memorandum of understanding has been signed between both the companies. It said that Pakistan’s plant will assemble both passenger and commercial cars.
Nishat Mills’s notice sent to PSX said that MoU with Hyundai Motor Company and Sojitz Corporation Tokyo, Japan is for negotiating and establishing a framework for setting up a green field project for assembly and sales of HMC passenger and 1 ton commercial vehicles in Pakistan.