C Chitti Pantulu 
 
Hyderabad: London-based Caparo Group is set to kick off work on a Rs 3,500 crore automotive and aerospace park in the Nellore district of Andhra Pradesh.

The group, which manufactures steel, automotive and general engineering products, will set up five independent units at the 2,000 acre park at Naidupeta.

The €1 billion company’s first project will be a luxury buses manufacturing facility in collaboration with South Korean auto giant Hyundai Motors, Andhra chief minister Y S Rajasekhara Reddy said on Wednesday.

The luxury buses, meant for the Indian market, will hit the roads in July 2009.

Caparo and Hyundai have already signed a technical agreement for the project. Upon completion, the Caparo park will generate over 10,000 jobs in the district.

The Nellore district is seeing a lot of activity these days. Coming up here are several large projects, including a shoe factory by the Apache Group and an international leather complex at Krishnapatnam.

A 4,000 mw ultra-mega power project and a Kisan SEZ are also being set up in the district, the chief minister said.

Source : DNAIndia