Hyundai Motor India Limited to sign MoU with Government of Tamil Nadu
To invest in new engine plant and press shop
Chennai: 1st November 2012: Hyundai Motor India Limited, a 100% subsidiary of Hyundai Motor Company Korea, today announced an investment of USD 300 million in a world class flexible engine plant and a new press shop, apart from ongoing investments in new models. The Press and Engine shop will come up at the existing location at Sriperumbudur in Chennai. The company is all set to sign a memorandum of understanding (MoU) with the Government of Tamil Nadu on 5th November 2012. This investment will offer customers more diesel options across segments in the near future and create direct employment opportunity for 500 persons apart from significant indirect employment oppurtunities. Mr. Bo Shin Seo, Managing Director, Hyundai Motor India Limited said “ Through this investment we strengthen our commitment to the state and the country. This investment will help us meet the growing demand of diesel vehicles in India and reduce the waiting period” The proposed engine plant and other facilities will be set up within the premises of HMIL at Irungattukkottai in Chennai.
Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company (HMC). HMIL is the largest passenger car exporter and the second largest car manufacturer in India. It currently markets eight passenger car models across segments - in the A2 segment it has the Eon, Santro, i10 and the i20, in the A3 segment the Accent and the Verna, in the A4 segment the Elantra, in the A5 segment Sonata and in the SUV segment the Santa Fe.
HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai boasts of advanced production, quality and testing capabilities. HMIL forms a critical part of HMC’s global export hub, it touched 1.5 million in exports in March 2012. It currently exports to more than 120 countries across EU, Africa, Middle East, Latin America and the Asia Pacific. HMIL has been India’s number one exporter for seven years in a row. To cater to rising demand the company commissioned its second plant in February 2008 having an installed capacity of 330,000 units per annum. To support its growth and expansion plans HMIL currently has 355 dealers and more than 800 service points across India. In its commitment to provide customers with cutting-edge global technology, HMIL set up a modern multi-million dollar R&D facility in Hyderabad. The R&D centre endeavors to be a center of excellence in automobile engineering.