Source: The Economic Times, Apr 17, 2017
HYDERABAD | MUMBAI: South Korea’s Kia Motors may put in as much as Rs 10,000 crore in one of the biggest foreign direct investment projects in India, with the Hyundai Motor unit selecting Andhra Pradesh for its maiden facility after a two-year, four-state search in Asia’s third-largest car market.
Two persons aware of the development told ET that Kia, a unit of South Korea’s biggest carmaker, has chosen Penukonda in Anantapur district in southern Andhra Pradesh, which is starting the process of buying land for the factory. Kia’s choice of Andhra Pradesh — amid intensifying interstate rivalry to draw investments as part of the Make-in-India initiative — helps reinforce N Chandrababu Naidu’s credentials as a business-friendly chief minister. Read the rest of this entry »