May 12, 2023
1 min read

Hyundai makes Rs 20k cr investment in TN

The Hyundai Motor India and the Tamil Nadu government’s Guidance Bureau on Thursday signed a Memorandum of Understanding (MoU) for this purpose….reports Asian Lite News

Car maker Hyundai Motor India Ltd will be investing about Rs 20,000 crore for modernising its plant near here, rolling out new models and to make electric vehicle battery assembly packs and EV charging stations.

The Hyundai Motor India and the Tamil Nadu government’s Guidance Bureau on Thursday signed a Memorandum of Understanding (MoU) for this purpose.

Speaking at the function, Chief Minister M.K.Stalin said the investment will speeded up the government’s target of growing the state economy to one trillion dollars by 2030.

Referring to the cabinet reshuffle on Thursday Stalin said the government’s support to the industries and the steps taken to grow the sector in the state will continue.

Stalin said Tamil Nadu ranks at the top in the production of automobiles and automobile components and as a logical progression the state also ranks at the top in the production of electric vehicles.

In March 2023, Hyundai Motor India had announced that it is considering acquiring land and building and some assets of General Motors India’s Talegaon plant in Maharashtra with a view to have a plant in a second location.

According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified assets of the plant like — land and building, certain machinery and equipment situated at the General Motors India’s plant in Talegaon.

Hyundai Motor India said the proposed acquisition is subject to the signing of the ‘Definitive Asset Purchase Agreement’ and fulfillment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all the stakeholders related to the acquisition.

The Indian subsidiary of South Korea’s Hyundai Motors has a big manufacturing facility in Irrungattukottai near here.

Hyundai Motor India has earlier announced its plans to get into electric vehicle manufacturing.

Further another facility outside Tamil Nadu is a sort of de-risking strategy and also being closer to other markets in the country.

ALSO READ: Paytm leads India’s fintech space

Previous Story

Chahal, Jaiswal help Rajasthan thrash Kolkata

Next Story

‘Platform’ frauds upset India

Latest from Business

PM Modi: India poised to lead next tech wave

PM Modi underscored that the country is poised to lead the next wave of digital transformation in 5G…reports Asian Lite News Prime Minister Narendra Modi on Wednesday hailed India’s progress in expanding

India Hits 100GW Solar

The expansion is not only in scale but also in quality, with significant capacity dedicated to high-efficiency modules. Many manufacturers have adopted vertically integrated operations, enhancing quality, reducing costs, and improving resilience

Jewellery Exports Shine Bright

The GJEPC noted that product diversification has played a major role in sustaining momentum. Lightweight and contemporary designs are gaining traction among younger global consumers, helping Indian jewellers appeal to a wider

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics
Go toTop

Don't Miss

Sift Kaur Stays Cool for Olympics

Sift, who is currently in her training base in Luxembourg,

India discusses defence manufacturing with DR Congo

The issue figured prominently at the First Secretary-level meeting between the