Kia India to invest $2 billion in Andhra Pradesh plant
The investment aims to increase annual production capacity and create approximately 12,000 jobs, according to reports.
Kia India plans to invest approximately $2 billion, or around Rs 17,000 crore, to set up an additional manufacturing plant in Andhra Pradesh, according to ANI and The Tribune.
Managing Director and CEO Gwanggu Lee announced the move on Thursday during the 31st CII Partnership Summit in Visakhapatnam.
The expansion is intended to raise the company's annual production capacity from 4.3 lakh to 6.3 lakh vehicles and is anticipated to produce 12,000 jobs.
Lee stated that the project would expand operations in the state and reinforce the automaker's long-term commitment to the Indian market.
The company currently operates a facility in the Anantapur district, which began mass production in August 2019 after an agreement with the state government in April 2017.
The existing plant has served as an export hub, with Kia India having exported more than 4.1 lakh vehicles and kits to nearly 100 countries.