Korea’s leading passenger vehicle manufacturer setting up unit in India
The company is South Korea's second-largest automobile manufacturer and manufactures passenger cars, trucks, sports utility vehicles, light commercial vehicles and other transportation vehicles like buses, delivery vans, and loaders.
The company is in the process of setting up a passenger-car manufacturing unit in Anantapur, Andhra Pradesh with an investment of over $ 1 bn. The manufacturing unit will have a manufacturing capacity of 300,000 units per annum and the production is expected to start in 2019. The company along with its supply chain is expected to create permanent employment to 4,000 people and temporary employment to 7,000 people.
Korea Plus Facilitation
Korea Plus presented detailed opportunities for auto-industry, EODB measures and the proposed infrastructure development plan for India. The team further developed a market-entry strategy based on requirements shared by the company. Korea Plus undertook location assessment based on product segments, supplier base, land requirement and export potential of the project. Inputs on taxation structure, company structure, land ownership, manpower availability, education system and infrastructure development for the shortlisted states were also shared. Further, site-visits to three states were conducted to analyse available land sites and discussions with State Government officials and Infrastructure Development Corporations were facilitated.