Client has entered into a joint venture with Italy's Pirelli to set up this tire manufacturing plant. PIF will hold a 75 percent stake in the new JV, while the Milan-based firm will own the remaining 25 percent. Pirelli, one of the world's most prominent tire manufacturers, will also act as a strategic technology partner in the new facility to support the project's development by providing technical and commercial assistance. The new plant will manufacture tires for passenger vehicles under the Pirelli brand. The acility will also manufacture and market tires under a new local brand targeting the domestic and regional markets. Through this joint venture with Pirelli, PIF is building production capabilities in the automotive and mobility value chain and enhancing opportunities for private sector contribution. Through this JV, the fund is eyeing to localize manufacturing capabilities for an essential segment in the automotive industry while enabling upstream and downstream activities across the value chain. The closing of the transaction is subject to obtaining approvals from the relevant authorities and satisfying certain conditions under the agreement.
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