Hyundai to invest Rs 6,180 crore in Tamil Nadu

Hyundai plans to invest Rs 20,000 crore in a phased manner over 10 years.

Hyundai has announced that it will invest Rs 6,180 crore in Tamil Nadu. The carmaker also plans to set up a ‘Hydrogen Valley Innovation Hub’ with an investment of Rs 180 crore.

A Memorandum of Understanding (MoU) was recently signed between Hyundai Motor India and the government of Tamil Nadu, in the presence of Unsoo Kim, MD & CEO of Hyundai Motor India, M K Stalin, Chief Minister of Tamil Nadu and Piyush Goyal, Union Minister of Commerce and Industry.

Hyundai is partnering with IIT Madras to establish a dedicated ‘Hydrogen Valle Innovation Hub’ with the goal of making hydrogen readily available for everyone. It will help develop a framework for localisation of the hydrogen ecosystem.

Additionally, Hyundai plans to invest Rs 20,000 crore in a phased manner over 10 years to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development.

Source: ET Auto