The Board of Directors of Indus Motor Company Limited (PSX: INDU) has approved an investment of around Rs. 3 billion for additional localization of parts and components of various existing vehicles, the automobile assembler told the main bourse on Thursday.
“This is part of the company’s overall plan to continuously increase localization of parts and components of vehicles manufactured locally, in order to reduce outflow of foreign exchange and promote the local auto industry,” the stock filing said.
It added, “The announced investment shall be made towards expenditure in plant and machinery, molds, dies, equipment and related expenses for localization of parts and components to be manufactured locally for various existing vehicles. The investment is planned to be completed by the third quarter of calendar year 2025”.
Besides assembling, progressive manufacturing, and marketing of Toyota vehicles, the company also acts as the sole distributor of Toyota and has a license for assembling, progressive manufacturing, and marketing of these vehicles in Pakistan.