Renault S.A. (RNO.FR) said Monday that it has signed an agreement with Al-Futtaim Group, whose subsidiary in Pakistan will assemble and distribute Renault vehicles in the country.
The French manufacturer said the assembly will be done in a new plant in Karachi, as it enters the Pakistan market for the first time. Construction of the plant will begin in the first quarter of 2018, and car sales are planned to start in 2019.
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Al-Futtaim, which is a Dubai-based company, said that the plant will be established by its new subsidiary Al-Futtaim Automotive Pakistan Ltd.
The price of the investment has not been revealed.
The finalization of the transaction remains subject to a number of conditions, mainly relating to relevant regulatory approvals from Pakistani authorities.
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(END) Dow Jones Newswires
November 20, 2017 06:16 ET (11:16 GMT)