Hyundai is on the verge of establishing more manufacturing facilities in India, following recent trends of other large manufacturers.
The idea is so advanced that Hyundai has apparently already submitted investment plans to the Tamil Nadu government. Principal secretary of industries department, Rajeev Ranjan, recently said,
“Hyundai has submitted a proposal to invest Rs 1,500 crore for setting up plants to make diesel engines and auto components. We are looking into it and soon an MoU to this effect will be signed by the government with Hyundai.”
With $4 million already in the pipeline to establish a production plant said to roll out 600,000 cars per year, additional funding is expected to help build another plant specifically for engine production. This second factory is likely to be built in Andhra Pradesh or Tamil Nadu.
President and CEO of Hyundai WIA, H.S. Lheem, recently said in a statement,
“Although we have been providing our products to clients in India for the last four years, the setting up of this manufacturing unit will strengthen our position in the country.”
India is rapidly following in the footsteps of China as a booming emerging markets, and is steadily becoming home to more involvement from global automotive powerhouses.