Hyundai Motor India Ltd on Monday said it will invest Rs 6,180 crore on various initiatives, including establishing a hydrogen resource centre, in Tamil Nadu.
The fresh investment by the automaker is in addition to the Rs 20,000 crore it plans to deploy over a period of ten years (2023- 2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development.
Agreement with the State Government
The company inked an MoU with the state government regarding the new investment during the Tamil Nadu Global Investors Meet 2024.
"This substantial investment of Rs 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," Hyundai Motor India MD & CEO Unsoo Kim said in a statement.
Focus on Hydrogen Technology
This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors the company's commitment to sustainability and a green future, he added.
"We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a USD 1 trillion economy," Kim said.
Role of the Innovation Hub
As part of the MoU, Hyundai will establish a dedicated 'Hydrogen Valley Innovation Hub,' with an investment of Rs 180 crore, in association with IIT-Madras.
This facility will act as an incubation cell to develop a framework for localisation of the hydrogen ecosystem.
The initiative is also expected to generate employment and support skill development in the region, the automaker stated.
Hyundai Motor India has its manufacturing base in Tamil Nadu. It rolls out over 8 lakh units annually from the manufacturing plant near Chennai.
