South Korea’s second largest car manufacturer following Hyundai Motor Company, Kia Motors may infuse as much as Rs. 10,000 crore as the biggest foreign direct investment in India, with its parent company, Hyundai Motors choosing Andhra Pradesh as its investment destination.
“A unit of South Korea’s biggest carmaker has chosen Penukonda in Anantapur district in southern Andhra Pradesh, which is starting the process of buying land for the factory”, reported a leading business daily.
The automobile giant will invest in two phases in Andhra Pradesh with a cumulative investment of $1.6 billion, or Rs 10,300 crore, with the first phase of investment amounting to about Rs 6,000 crore.
Kia’s decision of investment on the plant comes as a part of India’s growing eminence as a manufacturing hub with centre’s Make-in-India initiative, making the country an investment destination.
The automobile industry in India got a boost after the ‘Make in India Policy’ was announced in the year 2015. Quite a few automobile startups in India got heavily funded within a few months of the announcement of the policy and the automobile giants in India like Tata motors and Maruthi are collaborating with international giants like Microsoft, Google among others to induce new and advanced technology into cars to make driving an enjoyable and effortless experience.
Kia Motors plans big investment in India
