A South Korean company, Kia and Motors, on the 28th of May, announced an additional investment of 54 million dollars in Andhra Pradesh plant.
The investment is equal to Rs. 409 crores as per Indian currency and would help to attract several foreign investors, especially at the time of pandemic crisis due to the Novel Coronavirus.
The new investment in the Ananatapur plant of Kia and Motors would not only boost the economic situation of A.P., but also expand the business in the State.
Kookhyun Shim, the Chief Executive Officer (CEO) of Kia And Motors, India said the investment would help to increase the manufacturing scale of SUV vehicles and also employment rates in the district.
At present Kia Motors India sells products like the Seltos and the Carnival in the country. While Kia Seltos is available in the price range of Rs 9.89 lakh (ex-showroom, Delhi) and Rs. 17.34 lakh (ex-showroom, Delhi), Kia Carnival is priced between Rs 24.95 lakh (ex-showroom, Delhi) and Rs 33.95 lakh (ex-showroom, Delhi). The automobile manufacturer will launch Kia Sonet compact SUV later during the year.
Mr. Shim said, “”KIA is all set to become a model for foreign investors and investments coming to A.P.”
Kia and Motors is situated in Anantapur district of Andhra Pradesh and would give employment to 85 % youths of Anantapur district.
Stay tuned for further updates.
