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S Korean automobile firms to invest 4,790 cr in Anantapur
Sixteen Korean automobile ancillaries exchanged memoranda of understanding (MoUs) with the state government, bringing in a total investment of $737 million (Rs 4,790 crore) and committed employment to 6,583 people.
Amaravati: Sixteen Korean automobile ancillaries exchanged memoranda of understanding (MoUs) with the state government, bringing in a total investment of $737 million (Rs 4,790 crore) and committed employment to 6,583 people.
Apart from 534 acre at Erramanchi, the companies will establish units at Gudipalli in an extent of 71 acres and Ammavarupalli in Anantapur district in an extent of 138 acre.
“Only last month, I was at the project site of Kia Motors for the Framework Installation ceremony, and was very happy to see significant progress of the project,” said Chief Minister N Chandrababu Naidu at the MoU signing on Monday at the Secretariat.
The MoUs were signed by representatives of the South Korean companies and state industries secretary Solomon Arokia Raj in the presence of the Chief Minister and industries minister N Amaranatha Reddy.
Kia Motors, along with the auto ancillaries from South Korea, is the largest FDI (foreign director investment) in India in recent times. The ancillaries will supply to Kia Motors to cater the plant’s initial capacity of 3 lakh vehicles per annum.
“I hope that by next March, all of you would have set base, so that you will be in sync with the production plan of bringing out the first car then. I am also keen to see more Korean investments come into our state following you, and set up a South Korea Township,” he said and added, “I am confident that this establishment will help build a big automotive ecosystem, and strengthen the ties between AP and South Korea.”
Naidu spoke about the Backward Areas Ultra Mega Integrated Automobile Projects Policy, and the presence of more than 100 auto component manufacturers including Isuzu Motors, Hero Motors, Ashok Leyland, Apollo Tyres, Bharat Forge and others.
“Make AP your second home, as the chosen area for the auto-cluster, Anantapur, is strategically located close to Bengaluru and is a part of two of the state’s main industrial corridors,” he told the South Korean delegates.
