Kia India to invest Rs 17,000 crore in Andhra Pradesh plant
The new manufacturing facility is expected to create 12,000 jobs and increase annual production capacity to 6.3 lakh vehicles.
Kia India Managing Director and CEO Gwanggu Lee announced on Thursday plans to set up an additional manufacturing plant in Andhra Pradesh with an investment of approximately $2 billion, or around Rs 17,000 crore, according to The Times of India.
Speaking at the inaugural session of the 31st CII Partnership Summit in Visakhapatnam, Lee said the project is expected to create around 12,000 jobs. The expansion aims to increase the company's annual production capacity from 4.3 lakh to 6.3 lakh vehicles.
Lee noted that the company's existing Andhra Pradesh facility has become a major export hub, having exported more than 4.1 lakh vehicles and component kits to nearly 100 countries. He stated that Kia India reached production milestones of 10 lakh vehicles in four years and 20 lakh vehicles within seven years.
The CEO praised Chief Minister N Chandrababu Naidu for his commitment to industrial development and for creating an investor-friendly environment. Lee said the company's first plant in the state was commissioned in a record 14 months with the support of the Chief Minister.
Lee added that the company's contribution includes supporting the supplier network and implementing corporate social responsibility initiatives in healthcare, education, skill development, and community welfare. He expressed commitment to supporting the state's vision of becoming a global manufacturing and innovation hub.