Kia Motors plans to invest $2 billion (.Rs 12,750 crore) in India over the next two years to set up a manufacturing plant and develop a supplier base, a top executive said.
The affiliate of South Korea’s Hyundai Motor expects its investment to create 3,000-4,000 jobs here in the next five years. Kia in April announced that it would invest $1.1 billion to build a factory in Andhra Pradesh’s Anantapur district.
The additional investment will be to create the supplier base, said Tae-Hyun Oh, the chief operating officer of its international business division. Marketing budget will be outside of this, he told ET.
Kia’s plant is set to become operational in 2019. The company is aiming to be among the top 5 car makers in India by 2022. By that time, it is targeting to sell 3 lakh units a year, which will also be the plant’s optimal capacity.
Source: Economic Times