The government of Karnataka signed a Memorandum of Understanding (MoU) with NIFCO South India Manufacturing.
M.B. Patil, Minister for Large and Medium Industries, and Infrastructure Development, had a meeting with Hyun-don Choi, president, NIFCO South India Manufacturing, and discussed the facilities and incentives offered by the State.
Under the MoU, NIFCO will invest ₹288 crore to establish a new plant to manufacture automotive plastic parts at Gauribidanur. The project is expected to generate employment of about 400 persons, of which 65% would be women. The project would be completed over a period of five years starting 2023-24, said the government in a statement.
