AP Signs MOU with World’s Fifth Largest Automobile Company

Andhra Pradesh Government has entered into an MOU with South Korea-based Kia Motors which is World’s Fifth Largest Automobile Company to establish its first-ever plant in India. The plant will come up near Erramanchi Village of Anantapur in 600 acres. Kia Motors is going to setting up a factory with annual capacity of 3,00,000 units with an investment of around 10000 Crore.

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This will provide employment to about 10000 people. Hyundai has a facility at Sriperumbudur, about 40 km from here. KIA Motors sells several models, Sportage, Optima, Cadenza, Soul, globally and has manufacturing facilities in Korea and Mexico.

Kia Motors engaged in talks with several other states like Gujarat, Madhya Pradesh, and the neighboring Tamil Nadu as well. But it is said that Andhra Pradesh government has offered them better incentives and facilities to bring it here. The company will bring it to operations by 2019 if everything goes as per the plan.