New Cars and Bikes in India

Hyundai Plans To Invest Rs 7000 Crore In India

The investment will be used to expand production capacity along with preparing the facility for future product offensive.

Hyundai Plans To Invest Rs 7000 Crore In India expand View Photos

Hyundai Motor India Limited (HMIL) will sign a Memorandum of Understanding (MoU) with the Tamil Nadu government in January 2019 for expanding its current production facility in the state. The Korean carmaker is planning to invest ₹ 7000 crore in India. The management of Hyundai Motor India, led by its Managing Director and CEO, Y K Koo, vice-president corporate affairs, B C Datta, assistant vice-president (Finance) N Ramesh called on Chief Minister K Palaniswami at the Secretariat and had a brief interaction.

Speaking to the Media, Datta informed that the chief minister had assured them that the government would conisder their request for providing them tax incentives for the expansion work. He said HMIL would sign a Memorandum of Understanding with the state government at the Global Investors Meet scheduled to be held in January 2019. "This Rs 7,000 crore project means increasing production capacity, new model launches and powertrains. We have the MoU signing in January with government," said Datta.

Also Read: Hyundai To Expand Production Capacity By 2019 With No Additional Investment

As we had reported earlier, With the new investments, the production capacity (at the two manufacturing facilities in Sriperumbudur) would increase to eight lakh units anually from the present seven lakh units. Moreover, the expansion is also required for the new product offensive based on new technologies. "Next year, we will also be introducing a new electric vehicle", he said.

0 Comments

Nearly 700 new jobs would be created at Hyundai India after the expansion. Hyundai, a wholly owned subsidiary of Hyundai Motor Company, Seoul, retails nine models across the country. The company also exports its vehicles to around 87 countries, inclduding Africa, the Middle East, Latin America, Australia and the Asia Pacific.
 

Newsbeep

For the latest auto news and reviews, follow carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.

You might be interested in

Research on Hyundai Cars

  • Hyundai I30 Front Profile
    Hyundai I30 Front Profile
  • Hyundai I30
    Hyundai I30
  • Hyundai I30 Rear
    Hyundai I30 Rear
  • Hyundai Hexa Space Side Front View
    Hyundai Hexa Space Side Front View
  • Hyundai Hexa Space Front View
    Hyundai Hexa Space Front View
  • Hyundai Hexa Space Front Profile
    Hyundai Hexa Space Front Profile
  • Hyundai Venue Suv Dark Chrome Grille
    Hyundai Venue Suv Dark Chrome Grille
  • Hyundai Venue Suv Chrome Door Handle
    Hyundai Venue Suv Chrome Door Handle
  • Hyundai Venue Suv Diamond Cut Alloy Wheels
    Hyundai Venue Suv Diamond Cut Alloy Wheels
  • Hyundai Creta Shark Fin Antenna
    Hyundai Creta Shark Fin Antenna
  • Hyundai Creta Aerodynamic Rear Spoiler
    Hyundai Creta Aerodynamic Rear Spoiler
  • Hyundai Creta Tail Light
    Hyundai Creta Tail Light
  • 2020 Hyundai I20 Alloy Wheel
    2020 Hyundai I20 Alloy Wheel
  • 2020 Hyundai I20 Front Look
    2020 Hyundai I20 Front Look
  • 2020 Hyundai I20 Grille
    2020 Hyundai I20 Grille
  • Hyundai Eon Side Profile
    Hyundai Eon Side Profile
  • Hyudani Eon Forntsideprofile
    Hyudani Eon Forntsideprofile
  • Hyudani Eon Forntprofile
    Hyudani Eon Forntprofile
  • Hyundai Grand I10 Nios
    Hyundai Grand I10 Nios
  • Hyundai Grand I10 Nios Grill
    Hyundai Grand I10 Nios Grill
  • Hyundai Grand I10 Nios Grill Indicator
    Hyundai Grand I10 Nios Grill Indicator
  • 2020 Hyundai Defogger
    2020 Hyundai Defogger
  • 2020 Hyundai Verna Corner Lights
    2020 Hyundai Verna Corner Lights
  • 2020 Hyundai Verna Sensor
    2020 Hyundai Verna Sensor
  • Hyundai Aura Sedan Rear View
    Hyundai Aura Sedan Rear View
  • Hyundai Aura Sedan Side View
    Hyundai Aura Sedan Side View
  • Hyundai Aura Sedan Front View
    Hyundai Aura Sedan Front View
  • Hyundai Ioniq Front View
    Hyundai Ioniq Front View
  • Hyundai Ioniq Front
    Hyundai Ioniq Front
  • Hyundai Ioniq Boot Space
    Hyundai Ioniq Boot Space
Be the first one to comment
Thanks for the comments.