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Hyundai to invest Rs 7,000 crore in Tamil Nadu plant
Hyundai Motor India Limited (HMIL) will spend about Rs 7,000 crore in its Tamil Nadu facility, as India's second-largest car maker plans to expand its production capacity, make powertrains, launch new models and roll out electric vehicles, said a top company official.
By
migrator
migrator
Chennai
Officials of HMIL, led by its Managing Director and Chief Executive Officer Y K Koo on Monday met Chief Minister Edappadi K Palaniswami here.
Speaking to reporters after the meeting, Koo said the company plans to increase the production capacity by another 1 lakh units of completely-built units (CBU) and completely knocked-down (CKD) units for exports.
Currently, HMIL has a total manufacturing capacity of about 7 lakh units a year at its Irungattukottai plant.
Koo said the company has requested the State government to give tax incentives and ensure power and water supply. According to him, the company will produce more than 10 models, including electric vehicles, imported in CKD form in the first stage and later start manufacturing the same within three years.
"We have the MoU (Memorandum of Understanding) signing in January (during the Global Investors Meet) with the Tamil Nadu Government," Koo said.
According to B C Dutta, Vice President, CorporateAffairs, HMIL, the fresh investment would create about 700 new jobs.
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