South Korea based Hyundai WIA, a leading manufacturer of automotive parts, machine tools and heavy machinery, is planning to set up two manufacturing plants in India, with an investment of $10 million. HS Lheem, president and CEO of Hyundai WIA, part of the Hyundai Motor Group, announced the commencement of the company's first plant in India near Sriperumbudur in Tamil Nadu. The company is investing $4 million in this project.
This plant would have an annual capacity to manufacture 600,000 units annually, and create 100 jobs for skilled personnel in one year.
“Although we have been providing our products to clients in India for the last four years, the setting up of this manufacturing unit will strengthen our position in the country. India is fast emerging as the global hub for the automotive industry and the new plant in Tamil Nadu will help in catering to the growing demands of this industry”, Lheem said.
The company also intends to set up another plant either in Tamil Nadu or in Andhra Pradesh. The Hyundai WIA would concentrate mainly on manufacture of automobile ancillary and fourth generation CV (constant velocity) joints and subsequently diversify into transmission, casting and forging.
The company currently has four dealers in India, which would go up to ten to cover the major Indian cities. The company also plans to open a technical centre each in Chennai and Delhi. Hyundai WIA is in discussions with General Motors India to supply transmissions, Lheem said.