The Karnataka government on Wednesday signed a memorandum of understanding (MoU) with Nippon Industrial Fastener Corporation (NIFCO) Korea’s group company NIFCO South India Manufacturing, for setting up the company's new automotive plastic components manufacturing plant in the state at an investment of Rs 288 crore.
The company plans to set up a factory in Gauribidanur to manufacture automotive plastic parts in Chikkaballapur district. It is expecting to hire about 400 employees, 65% of which will be women. The new plant is expected to be completed in the next five years.
Industries minister MB Patil briefed Shri Hyun-don Choi, the president of NIFCO South India Manufacturing about the facilities and incentives offered by the State government to 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,” said a statement from the industries department.
Hyundai Motor India, Kia Motors, Nissan, Ford, and Toyota are among the major clients of Nifco in India.