The government of Karnataka signed a memorandum of understanding (MoU) with NIFCO South India Manufacturing to open a plant at Gauribidanur in Karnataka. Under the MoU, NIFCO will invest Rs 288 crore to set up a new plant to manufacture automotive plastic parts at Gauribidanur.

Minister for Large and Medium Industries, and Infrastructure Development, MB Patil, had a meeting with NIFCO South India Manufacturing's President, Hyun-don Choi, regarding the facilities and incentives offered by the state. The project would be completed over a period of five years starting 2023-24. The plant has the potential to generate employment for about 400 persons, of which 65 percent would be women.

The state government would facilitate the company to obtain necessary permissions/registrations and clearances from departments, as per the prevailing policies/rules and regulations of the state government.

Kia Motors, Nissan, Ford, and Toyota are among the major clients of NIFCO in India.