Kia project likely to go Andhra Pradesh state
Andhra Pradesh state will likely to get one of the prestigious Kia project worth of 10000 crore, south Koreas Kia Motors may put in as much as 10000 crore in one of the major foreign direct investment projects in the nation and with the Hyundai Motor unit choosing Andhra Pradesh for its earliest ability after a 2 year 4 state search in Asia 3rd largest car marketplace.
Here, 2 persons aware of the growth told ET that Kia a unit of South Korea major carmaker has chosen Penukonda in Anantapur district in southern AP and which is preliminary the process of purchasing land for the sweatshop and Kias choice of Andhra Pradesh amid increasing interstate rivalry to draw investments as part of the Make-in-India creativity helps reinforce Chandrababu Naidu identifications as a business friendly CM.
Car industrial facility a first for AP will involve 2 phases with a cumulative investment of $1.6 billion or 10300 crore rupees with 1st phase of investment amounting to about 6000 crore and said one of the persons mentioned overhead, 1st phase of the production facility will have an installed volume to produce 3 lakh units a year, in February 2016 ET was first to break the news of Kia’s tactics to set up a plant and its parent company Hyundai has been in the country since the late 1990’s as per the reports.
Here, Kia choice on the plant comes amid India growing stature as an engineering hub with several overseas companies rejoining to the federal government Make-in-India ingenuity and after the make-in-India initiative was launched in September 2014 year FDI fairness inflow increased 46 per cent to $61.58 billion between October 2014 year and May 2016 govt had said last year as official said.