For extending the present production facility in the state, HMIL (Hyundai Motor India Limited) is going to sign a MoU (Memorandum of Understanding) with the Tamil Nadu government in January 2019. The Korean carmaker, Hyundai is thinking of investing Rs 7000 crore in India.
All the major fraternity of Hyundai motor India were interacting at this points which included Managing Director and CEO, Y K Koo, vice-president corporate affairs, B C Datta, assistant vice-president (Finance) N Ramesh called on Chief Minister K Palaniswami at the Secretariat.
Talking to the Media, Datta enlightened that the CM has guaranteed them about the request that has been considered by the government for giving tax incentives for expanding the work. He said that with the state government, HMIL may sign a MoU at the Global Investors Meet scheduled which is to be held in January 2019. Dutta said "this Rs 7,000 crore project means increasing production capacity, new model launches and powertrains. We have the MoU signing in January with the government."
The production capacity (at the two manufacturing facilities in Sriperumbudur) with the new investments will rise to eight lakh units in an year as compared to the current seven lakh units. He said "next year, we will also be introducing a new electric vehicle."
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After the expansion of Hyundai, there will be approx. 700 new jobs. Hyundai is the entire owned peripheral of Hyundai Motor Company, Seoul, which trade nine models in India. To approx. 87 countries, the company transports its vehicles which includes- Australia, Africa, the Asia Pacific, the Middle East and Latin America.