With SUVs in focus, Kia Motors to invest additional $54 million at Andhra plant
South Korean automobile giant Kia Motors on Thursday announced expansion of its India plant in Andhra Pradesh’s Anantapur district with an additional investment of US $54 million.
The announcement was made by Kia India Chief Executive Officer and Managing Director Kookhyun Shim while interacting with Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy during the brainstorming session on industries and investments in the state as part of 'Maa Paalana-Mee Soochana' (Our government-Your suggestion) program.
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Shim said the company would make an additional investment of US $ 54 million for expanding the Kia Motors' plant at Hindupur in Anantapur district to manufacture Sports Utility Vehicles (SUVs) in the state.
The Kia India CEO said the company is all set to become a model for foreign investors and investments coming to Andhra Pradesh. “Nearly 85 per cent of the employment opportunities created by the company were presently catering to citizens of Andhra Pradesh, thereby furthering the vision of the chief minister of generating employment via investments," Shim said.
The chief minister listed out the strengths of the state that any potential investor should look at. “The present government is strong and stable, as the ruling party had won 151 out of 175 assembly seats and 22 out of 25 parliamentary seats in the last general elections. The government has the will to support potential investors in every way possible and it is the biggest advantage for them," he said.
Jagan said Andhra Pradesh was the best destination for investments, as it had vast coastline of 972 km, besides five airports and four ports. “The present government has introduced a corruption-free system by adopting reverse tendering for every project making the process more competitive," he said.
There was an export market worth ₹1 lakh crore and a solid banking network. “Our government's will to support the investors with land, water, energy and skilled workforce," the chief minister said.