South Korea’s second largest carmaker Kia Motors Corp. confirmed that it was looking for a site to build its first auto-making factory in India and could announce details within a month.

The company said in a regulatory filing on Wednesday that “it is in search of a plant site in India that can maximize its investment efficiency, but has not yet decided on the scale of the investment.” It pledged to announce on any progress it would make regarding the investment plan within a month.

Media outlets speculated that Kia was close to signing a deal to build a factory in Andra Pradesh at a cost of $1.6 billion. Shares of Kia Motors closed Wednesday at 34,100 won, down 1.73 percent or 600 won from the previous session.

By Woo Je-yoon

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