Kia Motors is the child company of Hyundai Motors, the largest car manufacturing company of South Korea. Kia Motors recently announced that it plans to invest a mammoth Rs. 10,000 crores in India and has chosen the state of Seemandhra as its investment destination. Read more on Investments
“A unit of South Korea’s biggest carmaker has chosen Penukonda in Anantapur district in southern Andhra Pradesh, which is starting the process of buying land for the factory”, reported a leading business daily.
The automobile giant will invest the amount of Rs. 10,000 crores in two phases. In the first phase, it will invest Rs. 6000 crores and in the second phase, it will invest Rs. 4000 crores. Kia Motors’ decision to invest big in India comes in the wake of the Government of India announcing the ‘Make in India’ policy in 2015. This is an investor friendly policy which gives investors in India tax exemptions for three years and reduced tax payments thereafter.
The automobile industry in India got a boost after the ‘Make in India Policy’ was announced in the year 2015. Quite a few automobile startups in India got heavily funded within a few months of the announcement of the policy and the automobile giants in India like Tata motors and Maruthi are collaborating with international giants like Microsoft, Google among others to induce new and advanced technology into cars to make driving an enjoyable and effortless experience.
On 7th of February this year (2017), the Chennai – based automobile startup, Volta Motors, received an undisclosed amount of funding from the Hyderabad – based firm, Smartron Motors. During April this year (2017), the Electric Vehicle manufacturing startup, 22Motors, had raised US $1.6 million in Series A round of funding from two angel investors, Ishwari Singh and Farhaan Shabbir. During February 17th, this year (2017), the Indian automobile manufacturing giant, Tata Motors signed a deal with the American software giant, Microsoft, to induce AI, IoT and machine learning in their future generation cars. Tata motors even hopes to introduce driverless cars in India soon by means of these technologies (AI, IoT and Machine Learning). The Government of India should create an even more business friendly environment in India and promote foreign investments in India so that Indian startups get easy access to funds. Read more on Startup News