Three South Korean firms to invest Rs 1,614 crore in Andhra Pradesh
The automotive component manufacturers plan to establish manufacturing facilities in Anantapur district, which is expected to create around 1,400 jobs.
Three South Korean automotive component manufacturers have committed to investing Rs 1,614 crore in Andhra Pradesh, according to reports by The Hawk.
The companies, identified as Hwashin, Seoyon, and Iwamet, have signed agreements with the state government to set up manufacturing facilities in Anantapur district.
One company has committed Rs 850 crore, while another plans to invest Rs 514 crore and the third Rs 250 crore. These projects are expected to create approximately 1,418 employment opportunities.
The investment follows a July visit to South Korea by Andhra Pradesh Minister for IT, Electronics and Human Resource Development Nara Lokesh, who held discussions with companies linked to the global supply chains of Hyundai and Kia.
The state's Economic Development Board reportedly maintained engagement with these companies to translate initial discussions into these investment proposals.