Nishat sells 40% stake of auto business for 40 million Rupees
Nishat Mill Limited recently announced its entrance in the automobile industry of the country. Now the news is that the business tycoon will be giving away 40% of its automobile business stake to a Japanese Group Sojitz Corporation.
Nishat Mills decision to enter the Pakistan’s automobile industry came as a shock and surprise for the consumers as the Group has no precedence in the auto industry. Nishat Group has signed a MoU with the Hyundai Company. The two groups will work together to assemble and sell commercial vehicles in the country.
Pakistan Stock Exchange was made aware of this recent development through the filling which stated,
“Nishat Mills Limited has entered into share subscription & shareholder agreement with the Japanese firm for equity participation to the extent of Rs 40 million for the acquisition of 40 percent stake in Nishat Mills Limited wholly owned subsidiary Hyundai Nishat Motors.”
Mian Mansha, Chairman of Nishat Group, is aiming to assemble small cars in the country which will be competing with the Japanese cars currently very popular in the country. Pakistan is a very lucrative market for cost and fuel efficient small cars and Nishat Group seems to be focused on that. Mian Mansha has also shown interest in bringing electric and hybrid cars in Pakistan.
Just recently, Pakistan’s first electric car charging station for hybrid cars was inaugurated, which also happened to be the first one in the Middle East, North Africa, Afghanistan, and Pakistan. The charging station is available at Emporium Mall in Lahore.