HUBCO’s Gharo plant set to come online in second half of 2026, eyes 25,000 vehicles annually

Hub Power Company Limited (HUBCO), Pakistan’s largest independent power producer (IPP), is set to launch its new CKD car assembly plant in Gharo, Sindh, in the second half of 2026, targeting an annual production capacity of 25,000 units.

Topline Securities, which attended the management meeting of HUBCO, shared the development in its report on Thursday.

During the meeting, HUBCO said that for the CKD car assembly plant in Gharo, the financial close for the greenfield project was achieved in January 2026.

“The project includes a foreign lender, British International Investment, holding approximately a 25% share in total financing requirement, along with other local and foreign financial institutions,” it said.

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“The total project cost is estimated at $150mn, with a debt-to-equity ratio of 60:40. To highlight, the company holds 50% share in this project,” added the brokerage house.

Meanwhile, the IPP is also planning to expand its electric vehicle (EV) charging infrastructure.

“Currently, 16 charging sites are operational across various OMC retail outlets and major commercial centres. The company is in the process of completing coverage along the motorway network, targeting EV charging infrastructure from Karachi to Peshawar,” read the report.

For EV charging stations, HUBCO has partnered with major OMC players, including PSO, APL, and PARCO, and is also in discussions with GO/ARAMCO, Topline added.

Regarding Sindh Engro Coal Mining Company (SECMC), HUBCO management stated that Phase III is expected to come online by the end of the current year.

“The company is actively exploring opportunities for a base plant site, including building an oil terminal project and connecting it with White oil pipeline through the Asia Petroleum pipeline.”

HUBCO is also considering the establishment of an aluminium smelter.

“Management noted that the Hub base site offers strong infrastructure, including water availability, jetty access, and electricity transmission lines,” added the report.