RAWALPINDI: The three giants, National Logistics Cell (NLC), Heavy Industries Taxila (HIT) and China North Industries Corporation Limited(NORINCO China) have joined hands in an impressive joint venture agreement signing ceremony for establishment of truck assembly plant at HIT Taxila, which is likely to start production within a year.
The plant will initially assemble 300 units of Euro compliant trucks and prime movers of various categories and will be scalable in production output as per market demand.
The Joint Venture Agreement was signed by Quarter Master General who is also Officer Incharge NLC Lieutenant General Sajjad Ghani, Chairman HIT Lieutenant General Syed Wajid Hussain and Senior Vice President NORINCO Wang Lee, said an ISPR press release issued here.
Ambassador Peoples Republic of China, Sun Weidong, Director General NLC Major General Asghar Nawaz and other senior officials attended the signing ceremony.
The trucks will be assembled by a Joint Private Limited Company PAKNOR with brand name of Power Star. Product quality will be ensured by NORINCO, who will train the HR to manufacture and assemble top quality products.
The availability of technicians by NORINCO will facilitate production programme in Pakistan. The most significant aspect of the Project would be on transfer of technology basis that will not only bring foreign investment but it will also build capacity of local technicians and create employment opportunities in the industry.
NORINCO is already engaged in Defense production with HIT since long. The plant will also provide an opportunity to HIT for diversification in many respects and NLC will be the major buyer of the prime movers to modernize its fleet.
This can be regarded as a major development to boost the indigenous truck production industry of Pakistan and will go a long way in the revival efforts of national economy.