Three South Korean automotive component manufacturing suppliers will invest to expand their manufacturing units in Andhra Pradesh. These companies will invest a total estimated 1,614 INR-Crore and the facilities will be located in Anantapur. Moreover, they supply automotive components to Hyundai and Kia.
Hwashin, Seoyon and Iwamet has signed Memorandums of Understanding (MoUs) with Andhra Pradesh to establish manufacturing facilities. Hwashin has committed an estimated 850 INR-Crore, while Seoyon will invest worth nearly 514 INR-Crore. Additionally, Iwamet will invest 250 INR-Crore. These three projects are expected to generate 1,418 jobs.
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Furthermore, the South Korean automotive component manufacturing suppliers selected Andhra Pradesh for their investment based on Andhra Pradesh IT, Electronics and HRD Minister, Nara Lokesh’s visit to South Korea with the suppliers. Moreover, the state ensured a sustained follow-up through its Economic Development Board to convert their discussion into investment commitments.
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