IN BRIEF

Kia's 3rd China plant to produce tailored cars

SEOUL: Kia Motors broke ground at its new third plant in an eastern coastal province of China on Friday, aiming at doubling the company's production capacity in the world's largest automotive market. On the extension of Kia's localisation strategy, the new factory will be in charge of manufacturing Chinese consumer-oriented sedans to fully reflect customers needs, company spokespeople said on Friday. Koreas second-largest automaker is poised to add a variety of new lineups to the new factorys production list in the future according to the change in market demand in China.

Thailand's Mama eyes partnership in Africa

BANGKOK: Thai President Foods, manufacturer of Mama noodles, has signed a memorandum of understanding with a potential partner to set up noodle plant in Africa. President Suchai Ratanajiajaroen said the company was conducting a feasibility study of the African market and its potential for the instant-noodle business. The study will be completed in the next one or two months. The company also sees the Philippines as another potential market for its future investment in sales and manufacturing. Thai President Foods currently operates instant-noodle plants in Myanmar, Cambodia and Bangladesh.

India's ONGC may acquire overseas assets

NEW DELHI: State-run energy giant ONGC may spend as much as US$8.8 billion over the next five years to buy oil and gas assets globally to supply India's burgeoning energy needs, a report said on Friday. The planned investment is part of the explorer's plans to increase production from overseas assets six-fold by 2030, ONGC chairman Sudhir Vasudeva told Dow Jones Newswires in an interview. The domestic output of Oil & Natural Gas Corp (ONGC) has been depressed by ageing oil and gas fields and local production has been slipping for the last five years.

Head of Tatung guilty of breach of trust

TAIPEI: The head of Taiwan's top home appliance maker, Tatung Company, was handed a four-and-a-half-year prison term after he ordered the firm to finance a company he had invested in, a court said yesterday. Tatung chairman Lin Wei-shan was handed the prison sentence late Friday at a court in New Taipei City, close to the capital, after being convicted of breach of trust. He has not yet been jailed as he plans to appeal the ruling.

Agencies