VIJAYAWADA: Sixteen Korean automobile ancillaries on Monday exchanged MoUs with the State government, bringing in a total investment of USD 737 million (Rs 4,790 crore) and employment to 6,583 people. The companies will establish units at 534 acres of land at Erramanchi, 71 acres at Gudipalli and 138 acres at Ammavarupalli.
The MoUs were exchanged in the presence of CM N Chandrababu Naidu at the Interim Government Complex on Monday. Meanwhile, a MoU was signed between VIT-AP and the University of Michigan, Dearbor. The MoU will facilitate student and faculty exchanges, enabling students in VIT to pursue MS, MBA and other short term courses in the US university.