The Government of Karnataka today signed a memorandum of understanding (MoU) with NIFCO South India Manufacturing, a group company of Nifco Korea, for setting up the company's new automotive plastic components manufacturing plant at an investment of Rs 288 crore in the state.
M B Patil, Hon'ble Minister for Large and Medium Industries, and Infrastructure Development, Government of Karnataka was present on the occasion of the signing of the MoU. Dr S Selvakumar, Principal Secretary to the Government, Department of Commerce and Industries, Government of Karnataka and Shri Hyun-don Choi, President, NIFCO South India Manufacturing Pvt Ltd signed the MoU on behalf of the Government and the company respectively. Smt Gunjan Krishna, Commissioner of Industries and Director, Department of Industries and Commerce, Government of Karnataka and other officials were present on the occasion.
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. 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.
The Government of Karnataka would facilitate NIFCO South India Manufacturing to obtain necessary permissions/ registrations and clearances, etc from the concerned departments of the State as per the prevailing policies / rules and regulations of the State Government.