The General Tyre & Rubber Company has issued clarification on certain news items doing rounds these days, regarding a potential investment of $200-$300 million by the company to set up a new plant in Faisalabad.
In the clarification which was issued to PSX on Monday, the Board of Directors of the Company informed that it had granted approval to the management to carry out due diligence exercise for acquisition of land for future expansion on April 28, 2017, which was communicated to the PSX on the same date.
Moreover, the notice said that the management is in the process of evaluating various options and decision regarding location of plant and quantum of investment has not yet been taken.
“The PSX and stakeholders shall be immediately informed once any decision in this regard has been taken by the Board of Directors” it added.