PTL AND LTI VEHICLES LIMITED EXECUTED MOU
4 April 2006: The Directors of Prime Transport Limited visited United Kingdom in the last week of March, 2006 and had detailed discussions with regards to the project of assembly/manufacture of Black Cabs in Pakistan with the Directors of M/s. LTI Vehicles Limited London. After very fruitful discussions LTI vehicles and PTL executed a Memorandum of Understanding on 4 th April, 2006 whereby LTI agreed to work with PTL in Joint Venture Project and to supply the vehicles to PTL both in CBU and CKD form.
It was also agreed that LTI Vehicle will provide technology enabling PTL to manufacture vehicles in Pakistan by using indigenous raw materials and parts, but without compromising on the quality of the vehicle.
PTL and LTI agreed to work as Strategic Partners on long term business relationship basis and will assist each other in handling the technical and operational difficulties in implementation of the project.
PTL assures LTI that the Government of Pakistan was keenly interested in the project and the project has been appreciated at all levels of the government including the highest office of the President of Pakistan. The Government has expressed its willingness to provide maximum support and cooperation to PTL in terms of relaxation in taxes and duties and other aspects of implementation of the project.