Kia Motors to invest 408 crore more in Andhra Pradesh
Giving a boost to the investment sentiment in the State, South Korean auto major Kia Motors India CEO announced an additional investment of $54 million (nearly Rs 408 crore) in Andhra Pradesh
Amaravati: Giving a boost to the investment sentiment in the State, South Korean auto major Kia Motors India CEO announced an additional investment of $54 million (nearly Rs 408 crore) in Andhra Pradesh.
Speaking at the AP Government's flagship programme 'Mana Palana, Mee Suchana' as part of YSRCP Government's first anniversary celebrations, the Kia Motors India CEO Kookhyun Shim said the investment will be used in expanding the existing manufacturing facility at Ananthapuram district in the State.
The Kia's investment will be focused on manufacturing SUV vehicles in the State. The announcement assumes significance in the light of earlier reports that the company was contemplating exiting Andhra Pradesh. The Kia India CEO declared that "Kia is all set to become a model for foreign investors and investments coming to AP".
He further reiterated that 85 per cent of the employment opportunities created by the company are presently catering to citizens of Andhra Pradesh thereby furthering the Chief Minister's vision of generating employment via investments.
The development further adds to the investment climate in the State particularly when Covid-19 has adversely affected the economic scenario in the entire world.
Welcoming KIA's announcement, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, who chaired the meeting, assured all support to investors in the State.