Hyundai India commits Rs 7,000-crore fresh investment in Tamil Nadu

By: | Published: November 13, 2018 1:02 AM

Hyundai Motor India Limited (HMIL) will be making an investment of Rs 7,000 crore at its Chennai plant — for increasing the production capacity by 100,000 units per annum as well making 10 new models between now and 2025, including electric vehicles.

The statement said the company has promised to increase its production capacity by another 100,000 units, including 50,000 through CKD format and another 50,000 through CBU format.

Hyundai Motor India Limited (HMIL) will be making an investment of Rs 7,000 crore at its Chennai plant — for increasing the production capacity by 100,000 units per annum as well making 10 new models between now and 2025, including electric vehicles.
Senior officials of the company, including managing director and CEO YK Koo, BC Datta, vice-president, corporate affairs and N Ramesh, assistant vice-president, finance, met the chief minister Edappadi K Palaniswami at the Secretariat on Monday and informed him of the company’s fresh investment programmes and future plans, said an official statement from the state secretariat.

The statement said the company has promised to increase its production capacity by another 100,000 units, including 50,000 through CKD format and another 50,000 through CBU format. It has sought various incentives as offered by the state government during its earlier expansions.
Hyundai Motor also promised to Palaniswami that it will produce more than 10 models within 2025, including electric vehicles on the CKD format in the first stage and later will start manufacturing electric vehicles in India over the next 3 years.

This fresh Rs 7,000 crore investments is meant for increased production capacity, new models and powertrain altogether. It is expected to sign an MoU with the state government during the forthcoming Global Investors Meet to be held in January.
Quoting BC Datta, vice-president, HMIL, the statement said senior officials met Palaniswami to express the company’s proposed investment plans. The investments include expanding the present installed capacity from 700,000 units per annum to 800,000 units per annum. This include 50,000 units under CBU and another 50,000 units under CKD format to meet the export obligations of a few Asian and Southeast Asian countries.

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