November 1, 2012: Hyundai Motor India has announced an investment of $300 million (Rs 1,615 crore) in a world-class flexible engine plant and a new press shop, apart from ongoing investments in new models. The press and engine shop will come up at the existing location at Sriperumbudur in Chennai. The company is all set to sign an MoU with the government of Tamil Nadu on November 5. The new investment will create direct employment opportunities for 500 persons apart from significant indirect employment.
According to Bo Shin Seo, managing director, Hyundai Motor India (pictured), “Through this investment we strengthen our commitment to the state and the country. This investment will help us meet the growing demand of diesel vehicles in India and reduce the waiting period.”
The proposed flexi-engine plant and other facilities will be set up within the HMIL’s existing premises at Irungattukottai in Chennai.