TN: Hyundai To Invest Rs 7,000 Crore In Sriperambudur Facility Expansion; 700 Additional Jobs In The Offing

South Korean automobile giant Hyundai plans to invest an estimated Rs 7,000 crore to expand its facilities and make new models and electric vehicles at Sriperumbudur, Tamil Nadu, said Chief Executive Officer and Managing Director of the company’s Indian subsidiary, Hyundai Motor India Ltd., Y K Koo on Monday (12 November), reports The Hindu.

A Memorandum of Understanding (MoU) concerning the investment is expected to be signed during the Global Investors Meeting scheduled in January 2019. Representatives of the company led by CEO Koo called on Tamil Nadu Chief Minister Edappadi K Palaniswami at the Secretariat in Chennai.

The CEO said that the representatives met the Chief Minister to discuss their increase in production by another 100,000 units and to also request the government for incentives. The investment is estimated to create an additional 700 jobs.

“We will produce more than 10 models including electric vehicles from completely knocked down (CKD) kits in the first stage and later, we will manufacture electric vehicles. This ₹7,000 crore project means increased production capacity, new model launch and powertrain capacity,” Koo added.