Hyundai India to invest Rs 6,180 crore in Tamil Nadu, Hydrogen Valley Innovation Hub in partnership with IIT-Madras too
Hyundai Motor India (HMIL) has announced Rs 6 ,80 crore investment plans in the state of Tamil Nadu, which includes Rs 180 crore towards a dedicated ‘Hydrogen Valley Innovation Hub,’ in association with IIT- Madras.
This will be in addition to the Rs 20,000 crore planned investment announced last year in a phased manner over the period of 10 years (2023 to 2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development.
An MoU was exchanged between Unsoo Kim, MD & CEO, Hyundai Motor India and V Arun Roy, IAS., Secretary to Government, Industries Department, Government of Tamil Nadu in the presence of M K Stalin, Chief Minister of Tamil Nadu; Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles; Dr. T R B Rajaa, Minister for Industries, Investment Promotion & Commerce and Shiv Das Meena, I.A.S., Chief Secretary, Government of Tamil Nadu and other senior officials during the inaugural ceremony of Tamil Nadu Global Investors Meet 2024.
Unsoo Kim said, “Hyundai is one of the largest and consistent investors in Tamil Nadu for the past 27 years. We extend our heartfelt gratitude for the unwavering support and guidance received from the state. This substantial investment of Rs 6,180 crore is a testament to our enduring commitment to fortifying the state’s pursuit to boost the socio-economic development in the State and make the country self-reliant. This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors our commitment to sustainability and a green future. We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a $1 trillion economy.”
The OEM signed an MoU with IIT-Madras to Establish Hydrogen Resource Centre. This it says is aligned with the Hyundai Hydrogen Vision, which aims to foster a worldwide Hydrogen Society by making hydrogen readily used for everyone, everything and everywhere. The facility will act as an incubation cell to develop a framework for localisation of hydrogen ecosystem. The initiative is also expected to generate employment and support skill development in the region.
