Senior Superintendent of CID Police, Chaudhary Aslam, said around 200 kilograms of explosive material and weapons were also recovered from them.
The encounter took place late last night after a truck was intercepted on the Hub highway when it was coming from Baluchistan province to Karachi, he said.
"When the truck was stopped, the militants belonging to a splinter group of the TTP responded by opening fire on the CID police party," he said.
"In the shootout, four militants have been killed and two of them have been identified as experts in making explosive devices and bombs," he said.
"Two policemen were also injured in the firing," he added.
Aslam said the group was involved in several incidents of bomb attacks in different parts of Karachi particularly during elections in May.
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