South Korean company Motors will be investing Rs 10,000 crore in India. It will be one of the biggest foreign investments in the country. Earlier, Hyundai Motor had its first unit in Andhra Pradesh after exploring four states of the country for two years. Two people aware of the matter told ET that Motuites, a unit of South Korea’s largest carmaker, has selected Penukonda, located in Anantpur district of southern Andhra Pradesh and is starting the process of acquiring land for setting up a factory here in India under Make In India mission. In the growing competition of attracting investments in the states, Andhra Pradesh was chosen by Chief Minister N. Chandrababu. Another state will further illuminate Naidu’s business friendly image.
South Korea’s Company invest Rs. 10,000 crores in Make In India
Person there knowing the whole matter said, “Andhra Pradesh’s first car manufacturing facility will be ready in two phases with an investment of $ 16 million or 10,300 crore. The first phase will cost Rs 6,000 crore. In this phase, the capacity of the unit prepared will be to create 3 lakh cars annually. The Economic Times first reported in February 2016 that India plans to plant a plant. Its parent company, Hyundai, has been present in India since 1990.
Kiya decided to plant a plant in India when on the government’s appeal many foreign companies are registering their presence in the country and India has started to emerge as a manufacturing hub. After the launch of Make in India in September 2014, between October 2014 and May 2016, FDI equity inflows increased 46 percent to $ 61.58 million (about $ 4 trillion).