Hwashin, Seoyon and Iwamet Sign MoUs with Andhra Pradesh for ₹1,614 Crore Automotive Component Plants in Anantapur
Three South Korean automotive component makers have signed memorandums of understanding with the Andhra Pradesh government to set up manufacturing facilities in Anantapur. The companies are Hwashin, Seoyon and Iwamet. All three supply Hyundai and Kia. The combined proposed investment is ₹1,614 crore.
Hwashin plans to invest ₹850 crore and is expected to create 100 jobs. Seoyon plans ₹514 crore, with about 918 jobs. Iwamet plans ₹250 crore, with about 400 jobs. The three projects together are expected to create about 1,418 jobs.
The facilities build on Anantapur’s existing link to Kia’s manufacturing operations near Penukonda. They are expected to expand the local supplier network for component manufacturing in the Rayalaseema region.
The MoUs follow IT, Electronics and HRD Minister Nara Lokesh’s visit to South Korea in July, where he met component makers in the Hyundai-Kia supply chain. The state’s Economic Development Board then followed up with the companies. Implementation depends on the next stages of project development.
