The Karnataka government signed a memorandum of understanding (MoU) on Nov 29 with Nippon Industrial Fastener Corporation (NIFCO) Korea's group company, NIFCO South India Manufacturing, for the establishment of the company's new automotive plastic components manufacturing plant in the state at a cost of Rs 288 crore.
In the Chikkaballapur district, the company intends to establish a factory in Gauribidanur to manufacture automotive plastic parts. It plans to hire 400 people, with women accounting for 65% of the workforce. The new plant is scheduled to be finished within the next five years.
Industries Minister MB Patil briefed Shri Hyun-don Choi, president of NIFCO South India Manufacturing, on the state government's facilities and incentives for the company.
"The Karnataka government will 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," according to a statement issued by the industries ministry.
Nifco's major clients in India include Hyundai Motor India, Kia Motors, Nissan, Ford, and Toyota.
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