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16 Korean companies sign MoU with Andhra Pradesh govt to set up ancillary units

The companies will invest 737 million USD (Rs 4,790 crore) and provide 6,583 jobs, an official release said.

March 19, 2018 / 07:39 PM IST

Nearly 16 companies today signed memoranda of understanding with the Andhra Pradesh government for setting up auto ancillary units to cater to Korean auto maker Kia car's manufacturing facility coming up in Anantapuramu district.

The companies will invest 737 million USD (Rs 4,790 crore) and provide 6,583 jobs, an official release said.

The MoUs were signed by representatives of the South Korean companies and State Industries Secretary Solomon Arokia Raj in the presence of Chief Minister N Chandrababu Naidu and Industries Minister N Amarnath Reddy at the Secretariat.

The auto giant Kia Motors is setting up its first car manufacturing plant in India at Erramanchi in Anantapuramu district with an investment of 1.1 billion USD. Kia expects to roll out its first India-specific car from the Anantapuramu plant by mid-2019.

The state government is developing a Korean City in the region to promote various industrial units that will cater to the facility.
PTI
first published: Mar 19, 2018 07:32 pm