Karnataka Government has entered into a memorandum of understanding (MoU) with NIFCO South India Manufacturing Pvt Ltd, a subsidiary of Nifco Korea, to set up the company’s new automotive plastic component manufacturing plant with an investment of ₹288 crore.
The project will be completed over a period of five years, starting in 2023–24, and will provide employment to about 400 people, of whom 65 per cent will be women. Hyundai Motor India, Kia Motors, Nissan, Ford, and Toyota are among the major clients of Nifco in the country.
The State Government would facilitate NIFCO South India Manufacturing to obtain necessary permissions, registrations, clearances, and more from the concerned departments of the State as per the prevailing policies, rules, and regulationst.
M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka, briefed Hyun-don Choi, President, NIFCO South India Manufacturing Pvt Ltd, about the facilities and incentives offered by the State to the company.