Hyundai Motor Group denied a local new report on Monday that Kia Motors -- one of its two auto units alongside Hyundai Motor -- is mulling a plan to build a plant with an annual production capacity of 300,000 units in India.
The reports also mentioned Tada in the state of Andhra Pradesh as the strongest candidate for the site location.
“India is one of countries Kia inspected for an overseas plant, following its investment in Mexico, but nothing has been decided yet for the Indian project,’’ an official of the Korean automotive group said.
Despite the latest denial, industry watchers forecast Kia will make a final decision on the Indian plant within this year in its bid to raise its presence in the world’s fifth-largest auto market.
By Seo Jee-yeon (jyseo@heraldcorp.com)