Sazgar Engineering Works Ltd, an auto rickshaw assembling company, has been allowed to scale up its productions with new variants of light commercial vehicles under the category of passenger vehicle and off-road vehicles.
In a notice sent to the bourse on Wednesday, Sazgar announced that they have been awarded the Category ‘A’ Greenfield Investment Status by the Ministry of Industries and Production of Pakistan for assembly/manufacture of passenger and off-road vehicles.
Earlier, the board of directors of Sazgar Engineering Works Limited had approved an investment of Rs. 1.76 billion to develop a four-wheeler assembly plant with a capacity of 24,000 units per annum back in January 2018.
In the previous announcements, dated 11th of May 2017, the company had decided to enter the manufacturing and assembly for sale of passenger and light commercial vehicles in Pakistan under the Greenfield Investment Category.
The vehicles will be assembled/manufactured under the brand name ‘’BAIC’’.
BAIC Motor Corporation Limited, together with its subsidiaries, manufactures and sells passenger vehicles in the People’s Republic of China. The company provides various passenger car models, including a range of sedans, as well as SUV, MPV, CUV, and new energy vehicles. It also offers engines, powertrains, and automobile parts and components.
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The company sells its products under the Beijing Brand, Beijing Benz, Beijing Hyundai, and Fujian Benz names. BAIC Motor Corporation Limited has a strategic cooperation framework agreement with Beijing Baidu Netcom Science and Technology Company Limited.
Sazgar is a premier manufacturer of CNG 4-stroke auto rickshaws (three-wheelers) and automotive wheel rims. With manufacturing facilities based in Pakistan and a Global Dealer Network, Sazgar is leading the market in Pakistan and also exporting to international markets.
SAZEW’S share at the bourse hit it’s upper cap limit of Rs 231.84 of the day on this news.