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No special worker share allocation for Indian employees in Hyundai IPO: Report
Hyundai has no intention of earmarking shares by way of an employee quota, but the company has agreed to try and address concerns of the workers, as per sources and a letter.
By Autocar Professional Bureau
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Hyundai Motor will not give special allocation of shares to Indian employees in its upcoming listing, in spite of employee demands, Reuters reported citing persons in the know.
Many workers demanded a share allocation in the USD 3 billion IPO at its Sriperumbudur plant this week, the newswire observed in video footage and photos.
One person informed the newswire on condition of anonymity, that Hyundai has no intention of earmarking shares by way of an employee quota, but the company, however, has agreed to try and address concerns of the workers, as per sources and a letter.
Reuters could not elicit a response from a Hyundai India spokesperson.
The letter has no information either on when the talks will take place, or who might be involved in the same. India is the third biggest revenue generator globally for the company, the newswire noted.
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