Renault From the last couple of months we were getting the news that Renault wants to invest in Pakistani auto industry & Manufacture Cars. Ever since we heard that Renault is coming to the Pakistan’s auto industry, we all were positive have been looking forward to the possibilities that will come together with the huge investment from the French automaker but Alas! It was all for nothing.
According to a stock notice on Friday, Renault has suspended its talks with Ghandhara Nissan Ltd (GHNL) it seems that the company has taken back its verdict to invest in Pakistan.
Previously we were reported that the deal was up for a joint venture between Renault-Nissan Alliance and Gandhara Nissan but due to some commercial differences, the French automaker has taken back its forces but the rest of the two companies will carry on their discussion.
In the response to a letter by the Securities and Exchange Commission of Pakistan (SECP), GHNL confirmed the news.
GHNL Company Secretary Sheharyar Aslam stated,
“As far as talks with Renault are concerned, please be informed that GHNL, in collaboration with a potential partner, was in talks with the alliance (Renault plus Nissan). However, owing to commercial reasons, GHNL’s arrangements with the potential partner could not materialize.”
According to NetMag sources, the execution of project was supposed to be complete in partnership with Al-Futtaim of UAE where all the three companies planned to manufacture and assemble cars in GHNL’s existing manufacturing capacity.
Although previously we saw the uncertainty and faltering among Renault and Volkswagen regarding investing in the country but since then, Renault the has at last confirmed its agenda to enter the Pakistani market but it seems that this is the ending for the French company’s plan to manufacture cars here.
When the rumors about the delay and suspension of the joint venture were floating for many days due to which SECP asked the corporation to present clarification on the subject of the insecurity in the price of its scripts.
