Andhra Pradesh wins Rs 1,614 crore investment from three Korean suppliers
Three automotive component manufacturers supplying Hyundai and Kia have chosen Anantapur over Tamil Nadu for their expansion plans.
Three South Korean automotive component manufacturers have committed a combined investment of Rs 1,614 crore to establish manufacturing facilities in Anantapur, according to The Economic Times.
The companies, identified as Hwashin, Seoyon, and Iwamet, have signed memorandums of understanding (MoUs) with the Andhra Pradesh government. These firms supply Hyundai and Kia.
Hwashin has committed Rs 850 crore and is expected to generate 100 jobs, while Seoyon will invest Rs 514 crore to create 918 jobs. Iwamet has committed Rs 250 crore with an employment potential of 400.
The investments follow a visit to South Korea in July by Andhra Pradesh IT, Electronics and HRD Minister Nara Lokesh, who held a roundtable with automotive component manufacturers.
Lokesh said that the commitments from Hwashin, Seoyon, and Iwamet show the confidence global investors have in Andhra Pradesh and stated the government will support them.
The development follows discussions held by the previous DMK government in Tamil Nadu with all three companies regarding setting up or expanding their operations in that state.