Source: News Bharati English17 Apr 2017 15:40:20
Hyderabad, April 17: Korean automobile company, Kia Motors is likely to invest as much as Rs 10,000 Crore for its projects in India. The company has selected Andhra Pradesh for its first production facility in the country. By investing Rs 10,000 Crore it looks to set up its maiden manufacturing facility in Andhra Pradesh.
Kia has chosen Penukonda in Anantapur district in Andhra Pradesh to set up its production facility. The company is starting the process of purchasing land for the production plant. The car manufacturing facility, a first for Andhra Pradesh, will involve two phases 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.
The government has given permission to the Anantapur district collector to procure land for the project. In the initial phase, the plant is likely to have a capacity of 3 lakh units per year. The first car is expected to be rolled out by 2019. Kia's decision to set up its manufacturing facility in India intensifies the Make in India initiative which is making the country as a global manufacturing hub.