The Karnataka government inked a memorandum of understanding (MoU) with NIFCO South India Manufacturing Pvt Ltd, a group business of Nifco Korea, to establish a new automotive plastic components manufacturing factory in the state, requiring an investment of Rs 288 crore.

The facilities and incentives provided by the state government to the company were discussed with Hyun-don Choi, president of NIFCO South India Manufacturing Pvt Ltd, by MB Patil, the Minister for Large and Medium Industries in Karnataka.

According to the MoU, NIFCO South India Manufacturing will invest Rs 288 crore to establish a new plant to manufacture automotive plastic parts at Gauribidanur in Chikkaballapur district.

"The company will provide employment to about 400 persons, of which 65% would be women. The project will be completed over a period of five years starting 2023-24," said a statement from the Industries department.