Hyundai to assemble cars in Pakistan venture with Nishat Mills

ISLAMABAD: Hyundai Motor Company plans to set up a car assembly plant in Pakistan in a joint venture with Pakistani textile giant Nishat Mills, a Nishat Mills official said on Friday.

Hyundai, South Korea's largest automaker, has been seeking a local partner to set up an assembly line in Pakistan, Nishat Mills company secretary Khalid Chauhan told Reuters.

"Today we have signed a memorandum of understanding between the two companies and we will set up a ... project for the assembly and sales of both passenger and commercial vehicles," Chauhan said. "The project will be subject to statutory and regulatory approval."