Three South Korean firms to invest over Rs 1,600 cr in India

An Indian state, Andhra Pradesh, has secured investment commitments worth Rs 1,614 crore from three South Korean automotive component manufacturers, providing a significant boost to its manufacturing base, as per reports.

With supply to global carmakers Hyundai and Kia, three firms — Hwashin, Seoyon and Iwamet — have signed agreements with the Andhra Pradesh government to establish



manufacturing facilities in Anantapur district, they added.

In addition, the proposed projects are expected to generate around 1,400 jobs and strengthen Anantapur’s position as an emerging automobile and auto-components production hub. 

Among the three companies, one has committed an investment of Rs 850 crore, while another plans to invest Rs 514 crore and the third Rs 250 crore.