Mumbai, Jan 19 (UNI) Afzal Motors (Pvt) Limited of Pakistan has commissioned a new truck and bus assembly plant in Karachi to assemble heavy-duty trucks of Tata Daewoo Commercial Vehicle Co.
Ltd, South Korea (TDCV), as per a technical assistance agreement signed between the two companies.
The Prime Minister of Pakistan, Mr. Shaukat Aziz formally inaugurated the plant, in the presence of senior management of TDCV and Afzal Motors, said a Tata Group press release.
Speaking on the occasion, the Pakistan Prime Minister said that the tie-up between an international manufacturer like TDCV and Afzal Motors will boost the efficiency of the transportation sector of the country.
The plant, which has a capacity to produce 3,000 vehicles a year, will assemble heavy-duty trucks of TDCV and also buses from the Daewoo Bus Company, South Korea. Afzal Motors has already begun sourcing KD sets of TDCV trucks. In 2007-08, TDCV trucks are expected to garner a market share of about 30 per cent in Pakistan.
TDCV, which is a 100 per cent subsidiary of Tata Motors, is the second largest manufacturer of heavy-duty trucks in South Korea, with a modern manufacturing facility at Gunsan. It is also the largest exporter of heavy-duty trucks from South Korea, accounting for about two-thirds of the export of such vehicles from the country. In 2005-06, TDCV posted a turnover of Rs 1584 crore, a growth of 34.5 per cent, and a profit of Rs.58 crore, a growth of 160 per cent.