Hyundai Motors to Invest Rs 1600 Crores in Engine Plant in Sriperumbudur
Hyundai Motor India Limited, a wholly owned subsidiary of South Korean carmaker, Hyundai Motor Company announced an fresh investment of $300 million (Rs 1600 crore) for a new engine plant and a press shop at its existing location at Sriperumbudur in Chennai. Hyundai Motor’s India already has two car plants with a total capacity to produce around 630,000 units per annum. The company is all set to sign a memorandum of understanding (MoU) with the Tamil Nadu government on November 5 and share details plans of the future projects for the Indian market, it said in a statement.
Hyundai Motor India MD Bo Shin Seo said “The investment will help us meet the growing demand of diesel vehicles in India and reduce the waiting period on our popular models.” The company said the new investment would create direct employment opportunity for 500 persons and help Hyundai to offer its customers more diesel options across segments.
The company had been eyeing several locations for a new facility to make diesel engines for the domestic market and recently decided to stay put at the current factory. It may go for at least 3-lakh diesel engines capacity for the Indian market, which are expected to come in its popular hatchback and sedans like i20 and the Verna.
News source: Economic Times