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Korea Trade to back $650 mn Kia Motors’ $1 bn investment in India

Collected: 2017.11.08

Distributed: 2017.11.09

Source: Go Direct

[Source: Korea Trade Insurance Corp.]

State-run Korea Trade Insurance Corp. will back Kia Motors’ $1 billion capital investment in India to build its first manufacturing base in the world’s second most populous market through guarantees of up to $650 million.

Korea Trade Insurance on Tuesday inked a memorandum of understanding with Kia Motors to extend payment guarantee of up to $650 million. Backing from a state agency would make it easier for Kia to raise loans for its investment in India as well as recruiting builders and suppliers for the manufacturing facility.

In April, Kia Motors signed an agreement with the Indian state government of Andhra Pradesh in the Anantapur district to build its first auto-making plant in southern India. The company will construct the plant on a site of 2,160,000 square meters at a total cost of $1.1 billion. It aims to complete building the plant by 2019 and churn out 300,000 vehicles a year. The Indian factory reportedly would make small-sized sedans and sport utility vehicles tailored to the Southwest Asian market.

By Ko Jae-man and Cho Jeehyun

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