Hyundai to Invest Rs 6,180 Crore in Tamil Nadu
Hyundai Motor India Ltd has announced an investment of Rs 6,180 crore for various ventures, including the establishment of a hydrogen resource center, in Tamil Nadu. This new investment is separate from the Rs 20,000 crore allocation the automaker intends to deploy between 2023 and 2032. This substantial commitment underscores their dedication to enhancing electric vehicle manufacturing, developing charging infrastructure, and advancing skill development. During the Tamil Nadu Global Investors Meet 2024, the company formalized an MoU with the state government regarding this fresh investment. Hyundai Motor India MD & CEO Unsoo Kim expressed that this significant investment reflects their enduring commitment to bolster the state's socio-economic progress and contribute to the nation's self-reliance.
Kim emphasized that their partnership with the state government extends beyond mere financial investment; it serves as a catalyst for fostering a robust hydrogen technology ecosystem, aligning with the company's dedication to sustainability and a greener future. He expressed confidence that this collaborative endeavor will significantly contribute to propelling Tamil Nadu towards achieving the goal of becoming a USD 1 trillion economy. Furthermore, under the MoU, Hyundai is set to establish a specialized 'Hydrogen Valley Innovation Hub' in collaboration with IIT-Madras, investing Rs 180 crore.
This hub will function as an incubation center aimed at formulating a structure for localizing the hydrogen ecosystem. Hyundai highlighted that this initiative is anticipated to create job opportunities and aid skill development in the region. Additionally, the automaker noted that its manufacturing base in Tamil Nadu produces over 800,000 units annually from the manufacturing plant near Chennai.