Andhra Pradesh secures Rs 1,614 crore investment from three Korean suppliers
Three automotive component manufacturers supplying Hyundai and Kia will establish manufacturing facilities in Anantapur, according to The Economic Times.
Three South Korean automotive component manufacturers have committed a combined investment of Rs 1,614 crore to establish manufacturing facilities in Anantapur, Andhra Pradesh. The companies, which supply Hyundai and Kia, chose Andhra Pradesh over Tamil Nadu for their expansion plans, according to The Economic Times.
Hwashin has committed Rs 850 crore and is expected to generate 100 jobs. Seoyon will invest Rs 514 crore to create 918 jobs, while Iwamet has committed Rs 250 crore with a potential for 400 jobs.
The three projects are expected to generate a total of 1,418 jobs. The companies signed memorandums of understanding with the Andhra Pradesh government to set up these facilities.
Andhra Pradesh IT, Electronics and HRD Minister Nara Lokesh said the investments follow his visit to South Korea in July, where he held a roundtable with automotive component manufacturers. Lokesh told ET that the commitments show the confidence global investors have in the state.
The companies had previously been in discussions with the previous DMK government regarding setting up or expanding operations in Tamil Nadu, a person aware of the developments said. Queries sent to Tamil Nadu's nodal investment promotion agency, Guidance, remained unanswered as of Sunday.