The State government on Monday signed an MoU with a Hyundai Mobis-led consortium of 16 Korean companies for the establishment of a cluster of automobile ancillary industries between Anantapur and Nellore.
A total investment of nearly ₹5,000 crore is envisaged in the cluster spread in about 750 acres, according to a release.
Hyundai Mobis is a leading global supplier of auto components and a part of the Korean automobile conglomerate Hyundai Motor Group.
Senior executives of the consortium and Principal Secretary (industries) Solomon Arokiaraj signed the pact in the presence of Chief Minister N. Chandrababu Naidu and Industries Minister N. Amaranatha Reddy at the Secretariat, the release said.
