ISLAMABAD: A major Chinese group has purchased about one-fourth of land in an industrial zone, run by the Faisalabad Industrial Estate Development and Management Company (FIEDMC), and is expected to make an investment of $2bn to set up a big cotton spinning facility.
Shandong Ruyi Technology Group has bought 1,036 acres of land out of the total area of 4,500 acres. It will name its part of the project as “Shandong Ruyi Textile Park”, officials say.
Overall, 72 percent of land has been sold in the M3 Industrial City, one of the largest schemes in the country. Many leading industrialists of the city, known as Manchester of Pakistan, have also acquired big pieces of land for setting up industrial units.
Internews
