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Hyundai Motor and the Tamil Nadu government has announced to sign a memorandum of understanding (MoU) in which the automaker will invest Rs 7,000 crores in the state in order to increase its production at Sriperumbudur facility.
Y K Koo (Managing Director and CEO), B C Datta (vice-president -corporate affairs), and N Ramesh (assistant vice president -Finance) of Hyundai Motor India Limited (HMIL) met Tamil Nadu Chief Minister Edapaddi K Palaniswamy at the Secretariat.
Datta said to the press, “This Rs 70 billion project means increased production capacity, new model launch and powertrain, altogether. We have the MoU signing in January with Tamil Nadu Government.” He added that 700 new jobs will be created after the additional investment.
Datta added that HMIL would sign MOU with the state government at the Global Investors Meet scheduled in January 2019. With the new investments, the Korean auto major production capacity would increase from 700,000 units per year to 800,000 units, including 50,000 completely built-up units in the Sriperumbudur facility.
