Sazgar Engineering Works has confirmed that it is ready to spend almost Rs1.76 billion on its car plant. The four-wheeler assembly greenfield project by Sazgar will be able to produce 24,000 units per annum. Moreover, it will be completed by June 2019. This is said by Sazgar Engineering to the Pakistan Stock Exchange in a stock notice.
The firm has signed a contract of vehicle assembly cooperation agreement with a Chinese auto company. The agreement is basically for the manufacture, sale, and services of the travelers and off-road vehicles.
Furthermore, Sazgar is also looking to expand its rickshaw production facilities. The company said that as the demand for rickshaws is increasing, it will be tackled by increasing the number of production hours.
Sazgar has started the process of getting the project approved by the relevant government and regulatory authorities.
Other than Sazgar there are many international companies who have expressed their interest to invest in Pakistan. Hyundai Nishat has already conducted launch ceremony of its new plant in Pakistan after signing the contract with Pakistan Government to produce and sell cars in Pakistan. Similarly, Kia, Renault, Volkswagen are companies we will most likely see in Pakistan in 2018. Also, almost 500 Chinese auto companies have expressed their desire to invest in Pakistan.
About Sazgar Engineering Works:
Sazgar is the leading manufacturer of “CNG 4 Stroke Auto Rickshaw (3 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.”