Hyundai Motor India has announced an additional investment of Rs 6,180 crore in Tamil Nadu, at the Tamil Nadu Global Investors Meet 2024. This investment includes an amount of Rs 180 crore towards a dedicated ‘Hydrogen Valley Innovation Hub,’ in association with IIT Madras.
An MoU (Memorandum of Understanding) was signed between Unsoo Kim, MD & CEO, Hyundai Motor India and V Arun Roy, IAS., Secretary to Government, Industries Department, Government of Tamil Nadu, Dr. T R B Rajaa, Hon’ble Minister for Industries, Investment Promotion & Commerce, Thiru Shiv Das Meena, I.A.S., Chief Secretary, Government of Tamil Nadu and other senior officials during the inaugural ceremony of Tamil Nadu Global Investors Meet 2024. The event also saw the Korean company showcase its Nexo Fuel Cell Electric Vehicle (FCEV) and try and engage participants with an Advanced Driver Assistance Systems (ADAS) Engagement Zone.
Hyundai’s new investment is in addition to the Rs 20,000 crore one that will be rolled out in a phased manner over a period of 10 years (2023 to 2032). The original investment is meant to augment the company’s efforts in electric vehicle manufacturing, charging infrastructure and skill development.
Regarding the announcement, Unsoo Kim, MD and CEO, Hyundai Motor India said, “Hyundai has been one of the largest and consistent investors in Tamil Nadu for the past 27 years. This collaboration with the state government is a catalyst for cultivating a robust hydrogen technology ecosystem.”
The company has signed another MoU with the Government of Tamil Nadu, in association with IIT Madras, wherein the facility will act as an incubation cell 'to develop a framework for localisation of the hydrogen ecosystem. The initiative is expected to generate employment and support skill development in the region, noted the press release.
In a separate development, the Vietnamese EV maker VinFast signed an MoU with the Tamil Nadu state government to invest USD 2 billion (around Rs 16,600 crore) to manufacture and export vehicles from India.
Industry representatives and experts have said that the southern states stand out as with well-defined EV policies, established manufacturing eco-system and a strong focus on R&D. This region will make a significant contribution towards achieving the government’s and NITI Aayog’s 2030 EV goals, and positioning India as a global hub in the EV space.
Also see:
Hyundai sells Russia plant amid war tensions
Hyundai Creta facelift design sketches revealed ahead of January 16 launch