Al-Futtaim is a UAE based conglomerate which has several joint ventures with European automakers in UAE, the group is now interested in investing $230 million in Pakistan’s Auto Sector through a joint venture with French Automaker Renault.
The Engineering Development Board (EDB) has informed that Renault has formally submitted an application to EDB in this regard. Renault has already acquired 54 acres of land in Faisalabad Industrial area back in June.
Earlier this month, it was reported that Al Futtaim-Renault cars would hit the roads in Pakistan by June 2020, according to the EDB officials 12 automakers have invested $746 million under the Auto Development Policy (ADP) 2016-2021.
The government has allowed as many as 10 companies to achieve a “Green Field Investment Status” in Pakistan, this status is achieved via Foreign Direct Investment (FDI) in order to build the operations in the country from scratch.
According to the official details, Regal Automobiles Industries is collaborating with DFSK Motor and invested $10.71 million to assemble Light Commercial vehicles (LCV) and Sports Utility Vehicles (SUV).
United Motors (Pvt) Limited along with Luoyang Dahe New Energy Vehicle and Yangste Motor Group collectively invested $19.05 million to establish assembly plants for 800cc passenger cars and 1000cc LCVs (pickup) and vans.
Khalid Mushtaq Motors (Pvt) Ltd in collaboration with Changan Kuayua Automobiles has invested $3.50 million to assemble light commercial vehicles.
Lia Lucky Motors Pakistan Ltd in collaboration with Kia Motors has invested $190 million in the auto sector of the country.
Similarly, Hyundai Nishat Motors (Pvt) in collaboration with Hyundai Motors will invest $163 million to produce LCVs, SUVs and Electric cars in Pakistan.
Auto Park (Pvt) Ltd will collaborate with Changsha Foton vehicle Technology that will invest $11.45 million to manufacture LCVs and HCVs in Pakistan.
Similarly, Sazgar engineering in collaboration with BAIC International Development Company, Master motors with Chongging Changan Automobile, Pak-China motors with Chongging Lifan Automobile, Topsun Motors with Chongging Big S and T dev group, Dewan Farooq Motors with Ssang, Kia and Kolao group and Ghandhara Nissan with Nissan Motor will invest $ $31.01 million, $101.52 million, $24.25 million, $5.43 million, $145 million and $41.3 million respectively.