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Business EconomyPosted at: Nov 12 2018 6:34PM


Hyundai 's fresh Rs 7,000 cr investment for expansion, making electric vehicles, to ink MoU during GIM in Jan-2019

Chennai, Nov 12 (UNI) Passenger car makers Hyundai Motor India
Limited (HMIL) would be making a fresh investment of Rs 7,000 crore
as part of its expansion plans and to manufacture electric vehicles.
Talking to reporters after meeting Chief Minister Edappadi K Palaniswami
at the State Secretariat here, Company Managing Director and Chief
Executive Officer Y K Koo said the MoU for this fresh expansion would
be signed with the State government during the second Global Investors
Meet (GIM) in January 2019.
He said he explained to him about increasing the production capacity to
another 100,000 units, including production of 50,000 Completely Knocked
Down (CKD) vehicles.
''This will mean that the production capacity would go up from 700,000 units
at present to 800,000 units'', he added.
He said he has requested the Tamil Nadu Government to give more incentives
on tax and other facilities like power and water.
He said the Hyundai would produce more than 10 models, including 60,025
electric vehicles on the CKD in the first stage.
''Later we are planning to start manufacturing electric vehicles within three
years from the Hyundai facilities here'', he said.
This Rs 7000 crore project means increased production capacity, new model
launch and powertrain altogether'', Mr Koo said.
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Tags: #Hyundai 's fresh Rs 7#000 cr investment for expansion# making electric vehicles# to ink MoU during GIM in Jan-2019
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