NIFCO South India Manufacturing Plans ₹288 Crore Investment in Karnataka

The Karnataka government has formalized a memorandum of understanding (MoU) with NIFCO South India Manufacturing Pvt Ltd, a subsidiary of Nifco Korea, marking a significant investment of ₹288 crore in the establishment of a new automotive plastic component manufacturing plant. The project, slated for a five-year timeline commencing in 2023–24, is expected to generate employment opportunities for approximately 400 individuals, with 65% of the workforce being women.

NIFCO South India Manufacturing Pvt Ltd counts major automotive players such as Hyundai Motor India, Kia Motors, Nissan, Ford, and Toyota among its esteemed clients in the country.

Under the agreement, the Karnataka State Government will play a facilitating role, assisting NIFCO in obtaining necessary permissions, registrations, clearances, and other prerequisites from relevant state departments. This support is in alignment with prevailing policies, rules, and regulations.

M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development in the Government of Karnataka, presented an overview of the state's facilities and incentives to Hyun-don Choi, President of NIFCO South India Manufacturing Pvt Ltd. The collaboration signifies a strategic move towards bolstering the automotive manufacturing sector in Karnataka while leveraging the expertise and global reputation of NIFCO in the production of plastic components for leading automotive brands.

HBL