Kia Motors steps into India with $1.1 billion investment

Korean company Kia Motors has decided to step into India by setting up a base in Andhra Pradesh with an investment of $1.1 billion.

A memorandum in this regard was inked by State Industries Secretary Solomon Arokiaraj and Kia Motors President Han-Woo Park, in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu, at Amaravati.

The greenfield car plant, to come up on a 600-acre site at Penukonda, about 75 km from Anantapuramu, will be the South Korean company’s first unit in India. Factoring in investments by associates and vendors, the Kia project is likely to see overall investment of about $2 billion.

The construction of the new facility, with a capacity to produce 3 lakh units a year, will start in the last quarter of 2017, and production is likely to begin in the second half of 2019. The project is likely to create permanent and temporary jobs for about 11,000 people.

Image Credit : images.newindianexpress.com

Research Desk

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