The Indus Motor Company (IMC) has approved a Rs1.6 billion investment plan involving purchase of latest stamping press machines and other equipment to add to existing press machines and ancillary equipment which the company acquired in 2008.

An announcement here on Wednesday said that the IMC would continue to focus on increasing the use of local components in car manufacturing.

The investment will lead to more transfer of technology, create increased employment and above all increase localisation of parts.

It said that the IMC, a joint venture company of the Toyota Motor Corporation, the Toyota Tsusho Corporation and the House of Habib, as part of its long-term strategy in Pakistan plans to expand and roll out phase-II of the Press Shop in 2010-11 for making additional body parts.

http://tribune.com.pk/story/20139/indus-motor-to-invest-rs1-6b-in-pakistan/