Chennai, May 11 (IANS) Automaker Hyundai Motor India Ltd will invest about Rs 20,000 crore to upgrade its plant near here, roll out new models and manufacture electric vehicle battery assembly packs and charging stations. charging for electric vehicles.
Hyundai Motor India and the Government of Tamil Nadu Guidance Office (NS:) on Thursday signed a Memorandum of Understanding (MoU) for this purpose.
Speaking at the reception, Chief Minister MK Stalin said the investment would accelerate the government’s goal of growing the state’s economy to $1 trillion by 2030.
Referring to Thursday’s cabinet reshuffle, Stalin said the government’s support for industries and the steps taken to develop the sector in the state would continue.
Stalin said that Tamil Nadu ranks at the top in the production of automobiles and auto components, and as a logical progression, the state also ranks at the top in the production of electric vehicles.
In March 2023, Hyundai Motor India announced that it was considering acquiring land, a building and some assets from General Motors’ (NYSE:) India’s Talegaon plant in Maharashtra with a view to having a plant in a second location.
According to Hyundai Motor India, a term sheet has been signed for the potential acquisition of identified plant assets such as land and buildings, certain machinery and equipment located at the General Motors India plant in Talegaon.
Hyundai Motor India said the proposed acquisition is subject to the signing of the “definitive asset purchase agreement” and satisfaction of the conditions precedent and receipt of regulatory approvals from relevant government authorities and all parties. acquisition-related stakeholders.
The Indian subsidiary of South Korean Hyundai Motors has a large manufacturing plant in Irrungattukottai near here.
Hyundai Motor India earlier announced plans to venture into electric vehicle manufacturing.
Also, another facility outside of Tamil Nadu is a kind of risk reduction strategy and also closer to other markets in the country.
–IANS
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