New investment addition of US$1.1bn in AP

South Korea’s Kia Motors Corporation has big plans for India, with additional US$2 billion investment commitment announced by its President and Chief Executive Officer Han Woo Park.

“Kia Motors has big plans for India and the company has already made significant investment in this plant. By 2021, we would be investing $2 billion,” said Park on 23 Feb 2018.

Kia, South Korea’s second-largest automaker by sales, has invested $1.1 billion in a 300,000 vehicles a year plant at Andhra Pradesh’s Ananthpur district.

The plant is expected to be completed by first quarter of next year, with production commencing 2019.

Kia, showcased a new compact SUV concept at the 14th Auto Expo 2018, India’s largest motor show on 7 Feb 2018.

Speaking at the Kia Motor India’s framework installation ceremony, Andhra Pradesh Chief Minister N Chandrababu Naidu said the state has attracted leading auto industries.

“In the last three and a half years, we have attracted a lot of auto companies. Along with Kia, Hero MotoCorp, Isuzu, and Ashok Leyland, are some of the companies that have shown interest in our state. Till date, we have seen Rs 27,600 crore in investment in this regard,” Deccan Herald quoted Naidu as saying. fii-news.com