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Hyundai has set aside INR 180 crore from the latest investment for the establishment of a Hydrogen Valley Innovation Hub in collaboration with IIT Madras.
Hyundai Motor, a leading carmaker in India, announced today that it will be making an additional investment of INR 6,180 crore in Tamil Nadu. The automaker previously announced that it would invest INR 20,000 crore for a period of 10 years beginning in 2023.
Recently, for the new investment, a Memorandum of Understanding (MoU) was signed between the state government of Tamil Nadu and Hyundai in the attendance of Chief Minister MK Stalin and the Union Minister of Commerce and Industry, Mr. Piyush Goyal.
The previous investment of INR 20,000 crore between 2023 and 2032 was focused on improving the automaker’s capabilities for EV manufacturing, skill development, and charging infrastructure. The auto giant has set aside INR 180 crore from the latest investment for the establishment of a special Hydrogen Valley Innovation Hub in collaboration with IIT Madras.
Over the past 27 years, Hyundai Motor has been focusing on investments in Tamil Nadu. This new investment shows the company’s continued support for the state, both in terms of self-reliance and socio-economic development.
The MD and CEO of Hyundai Motor India, Unsoo Kim, stated that “This substantial investment of ₹6,180 crore is a testament to our enduring commitment to fortifying the state's pursuit to boost the socio-economic development in the State and make the country self-reliant. This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors our commitment to sustainability and a green future."
A share of the recent investment in Tamil Nadu will go toward building a new facility that will serve as an incubator for the development of a framework for the localization of hydrogen ecosystems. Hyundai stated that this new initiative is likely to generate more employment options and support skill development in the state of Tamil Nadu.
The auto giant currently sells car models with diesel, petrol, CNG, and battery technology. It also offers the Nexo, which is a hydrogen fuel cell SUV, and it was recently revealed at the Global Investors Meet in Tamil Nadu. Hyundai Executive Director Tarun Garg explained last week that the company is still dedicated to keeping an eye on government policies; however, a large portion of the plan would be based on market trends.
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Published On : 3 July 2019
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