The government of Karnataka signed a Memorandum of Understanding (MoU) with NIFCO South India Manufacturing.
M.B. Patil, Minister for Large and Medium Industries, and Infrastructure Development, had a meeting with Hyun-don Choi, president, NIFCO South India Manufacturing, and discussed the facilities and incentives offered by the State.
Under the MoU, NIFCO will invest ₹288 crore to establish a new plant to manufacture automotive plastic parts at Gauribidanur. The project is expected to generate employment of about 400 persons, of which 65% would be women. The project would be completed over a period of five years starting 2023-24, said the government in a statement.
Hyundai Motor India, Kia Motors, Nissan, Ford, and Toyota are among the major clients of NIFXO in India.
The State government would facilitate NIFCO South India Manufacturing to obtain necessary permissions/registrations and clearances etc. from departments of the State as per the prevailing policies/rules and regulations of the State government.
