Hyundai Motor India Limited, the Chennai-based subsidiary of the South Korean car manufacturing behemoth, Hyundai has announced that it is investing an estimated Rs.7,000 crore to expand its car manufacturing plant at Sriperumbur, in Kancheepuram, near Chennai in Tamil Nadu.
YK Koo, the CEO and MD of HMIL said, “We are investing around Rs.7,000 for the ramping up of our existing units, in order to make new models of our cars, in addition the production of electric cars.”
The official said that a Memorandum of Understanding (MoU) will be signed with the Government of Tamil at the forthcoming Investors Summit, scheduled for January 2019. In fact, Koo and his colleagues from the headquarters had a meeting with the Chief Minister of Tamil Nadu, Edappadi K Palaniswami, over the increase in the manufacture of cars to another one lakh units. The delegation urged the Chief Minister to offer incentives for ramping up the production.
After meeting the Chief Minister, Koo, while speaking to reporters said, “We have plans to make ten new models of cars that includes electric vehicles and completely knocked down (CKD) vehicles imported from our mother plant in South Korea in the initial stage. Later, we are contemplating on commencing the manufacture of electric vehicles. With this investment, we expect to ramp up the production capacity, besides the launch of new models and enhance the power train capacity as well.”