Hyundai commits an additional Rs 6,180 crore investment in Tamil Nadu.
Hyundai Motor India has announced an extra Rs 6,180 crore investment plan in Tamil Nadu, including Rs 180 crore for a dedicated Hydrogen Valley Innovation Hub in collaboration with IIT-Madras.
The new investment proposal is in addition to the Rs 20,000 crore investment planned in the state over a 10-year period, from 2023 to 2032, to supplement efforts in electric car manufacturing, charging infrastructure, and talent development.
At the inaugural ceremony of the Tamil Nadu Global Investors Meet 2024, Hyundai Motor India MD and CEO Unsoo Kim and V Arun Roy, Secretary, Industries Department, Government of Tamil Nadu, signed a Memorandum of Understanding (MOU).
Among those present at the MoU signing were Tamil Nadu Chief Minister M K Stalin and Union Commerce Minister Piyush Goyal.
“For the past 27 years, Hyundai has been one of the largest and most consistent investors in Tamil Nadu.” We express our heartfelt appreciation to the state for its ongoing support and assistance. “This significant investment of Rs 6,180 crore demonstrates our steadfast commitment to fortifying the state’s pursuit of boosting socioeconomic development in the state and making the country self-sufficient,” added Kim.
“This collaboration with the state government is more than simply a financial investment; it is a driving force in the development of a robust hydrogen technology ecosystem that represents our commitment to sustainability and a green future.” “We are confident that this collaborative effort will propel Tamil Nadu towards the USD 1 trillion economy milestone,” the minister said.
Hyundai inked another MoU with IIT-Madras to construct a specialised Hydrogen Valley Innovation Hub, with an investment of Rs 180 crore. This facility will serve as an incubation cell for the development of a framework for localising the hydrogen ecosystem. The programme is also anticipated to create jobs and help with skill development in the region.
The Nexo, a fuel cell electric vehicle (FCEV), was also on display. At the event, it also included a unique advanced driver assistance system (ADAS) engagement zone.