16 Korean automobile ancillaries sign MoUs with Andhra govt
16 Korean automobile ancillaries sign MoUs with Andhra govt
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New Delhi [India], March 20 (NT): Sixteen Korean automobile ancillaries exchanged Memorandum of Understandings (MoUs) with the government of Andhra Pradesh on Monday. Due to this a total of USD 737 million will be invested consequentially 6,583 people would get employment.

In addition, these ancillaries are committed to establishing 71 acres units at Gudipalli and 138 acres units at Ammavaru Palli and 534 acres at Erramanchi.

"Only last month, I was at the project site of Kia Motors for the framework installation ceremony, and was very happy to see the significant progress of the project," said Chief Minister N. Chandrababu Naidu as quoted by ANI.

Kia Motors, along with the auto ancillaries from South Korea, is the largest Foreign Direct Investment (FDI) in India at present.

The ancillaries will make available to Kia Motors to cater to the plant's initial capacity of three 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," Naidu added.

"I am confident that this establishment will help build a big automotive ecosystem, and strengthen the ties between Andhra Pradesh and South Korea," he further said.

The Chief Minister also exchanged words about the Backward Areas Ultra Mega Integrated Automobile Projects Policy, and the existence of more than 100 auto component manufacturers including Isuzu Motors, Hero Motors, Ashok Leyland, Apollo Tyres, Bharat Forge and others.

"Make Andhra Pradesh 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," Naidu said in conclusion.

 

 

 

 

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