Kia to step into India, to pump $1.1 billion

Kia Motors, which has big plans for India, is planning to invest USD 1.1 billion (over Rs 7,000 crore) to set up a manufacturing plant in the country.

For the Indian market, the South Korean firm, part of the Hyundai group, plans to roll out a compact SUV and a compact sedan by 2019-end.

The company will sign a memorandum of understanding (MoU) with the Andhra Pradesh government to build a new plant in Anantapur district.

Construction of the new facility, Kia’s first in India and representing around USD 1.1 billion investment, will commence in the final quarter of 2017, the company said in a statement. The facility will have a capacity to produce up to 3 lakh units each year and is expected to start production in the second half of 2019.

Image Credit : livemint.com

Research Desk

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