Lite Auto components today signed a Memorandum of Understanding (MoU) with Andhra Pradesh Economic Development Board (APEDB). This MoU was signed by J Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board and Bala Anand Jeldi, Managing Director, Hindustan Magnesium in the presence of Anil Chandra Punetha, Chief Secretary.
The Lite Auto will provide employment opportunities to about 2000 people.
The Lite Auto MD Bala Anand Jeldi said that “Stringent emission control norms coupled with CAFÉ (Corporate Average Fuel Economy) norms in India and globally are driving automobile manufacturers.
This investment is a step in the right direction for Andhra Pradesh to look at light weight alternatives to replace steel and aluminum, Bala added.
J. Krishna Kishore, CEO, APEDB said “Auto components is a thrust area for Andhra Pradesh as the state is geared up to welcome the entire segment of the automobile value chain”
“With rising global standards for greater fuel economy, automakers are shifting to light weight magnesium as it delivers higher performance, requires far less energy and makes the final product vastly superior, such investments provide fillip to the innovation ecosystem in Andhra Pradesh.
Andhra Pradesh is taking rapid strides to shape the automobile ecosystem, from drawing over USD 4.5 billion of investments into automobile sector from players such as Kia Motors, Isuzu, Hero Motors, Rockman Industries, Ashok Leyland and Bharat Forge.
The plant is likely to come up in Chittoor or Nellore district.