16 Korean companies sign MoU with Andhra government to set up ancillary units_16 Korean companies sign MoU with Andhra government to set up ancillary units

16 Korean companies sign MoU with Andhra government to set up ancillary units

May 21, 2024

According to the official statement, the two companies will invest $737 million (Rs. 47.91 billion) to create 6,583 jobs.

Today, around 16 The company signed a Memorandum of Understanding (MoU) with the Andhra Pradesh government for Ananthapuramu to set up a manufacturing plant in the region to establish an automotive ancillary division under the South Korean automaker Kia Motors program.

According to the official statement, the two companies will invest $737 million (Rs. 47.91 billion) and provide 6,583 jobs.

Representatives of the Korean company and Industry Minister Solomon Arokia Raj Chief Minister NN signed the MoU at the Secretariat Chandrababu Naidu N and Industry Minister Amarnath Reddy were also present.

Automobile giant Kia Motors will invest $1.1 billion to set up its first automobile manufacturing plant in Eramanchi, Anantapuram, India.

Kia plans 2019 Kia Motors plans Mid-year in Ananthapuramu The plant launched its first India-specific car.

The state government is developing Korean cars and cities in the region will nurture various industrial units to meet this demand.

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