The Karnataka government entered into a memorandum of understanding (MoU) with NIFCO South India Manufacturing, a subsidiary of Nifco Korea, to establish the company's new automotive plastic components manufacturing plant in the state with an investment of Rs 288 crore.

MB Patil, Minister for Large and Medium Industries, Karnataka, informed Hyun-don Choi, President, NIFCO South India Manufacturing, about the facilities and incentives provided by the state government to the company. As per the MoU, NIFCO South India Manufacturing is set to invest Rs 288 crore for the establishment of a new plant dedicated to the production of automotive plastic parts in Gauribidanur, Chikkaballapur district.

A statement from the Industries department revealed, "The company intends to create job opportunities for approximately 400 individuals, with 65% of them being women. The project is slated to be completed over a span of five years, commencing from 2023-24."

It further mentioned, "The Karnataka government will assist NIFCO South India Manufacturing in obtaining the required permissions, registrations, and clearances from the relevant state departments, adhering to the prevailing policies, rules, and regulations. Noteworthy clients of Nifco in India include Hyundai Motor India, Kia Motors, Nissan, Ford, and Toyota."