Insta
TN: Hyundai To Invest Rs 7,000 Crore In Sriperambudur Facility Expansion; 700 Additional Jobs In The Offing
Hyundai’s Sriperumbudur facility (Picture Credits-Facebook)
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.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
