Three major companies plan to set up shop in AP

Three major companies, Honda Motorcycle & Scooters, Camozzi group of Italy and Hyosung Corporation of Korea, have come forward to set up their units in Andhra Pradesh. Their combined investment will be to the tune of Rs 1,750 crore.

Representatives of the three companies held discussions with the officials of the AP Industrial Infrastructure Corporation (APIIC) in this regard.

According to APIIC, Honda Motorcycle came up with a proposal to set up its third manufacturing facility in the country involving an investment of about Rs 1,000 crore. In the first phase, it intends to invest Rs 500 crore and have an installed production capacity of 2,000 units a month. The company is looking for 100 acres of land.

Similarly, Hyosung Corporation approached APIIC for setting up a high voltage power transformers manufacturing facility at a cost of Rs 450 crore. The $10 billion Korean business group wants 25 acres of land for this purpose.

The Camozzi group intends to set up a Rs 300-crore textile and other industrial equipment manufacturing facility. It is seeking 20 acres for the proposed unit. APIIC stated that the three proposals were under “active consideration”.