Hyundai Motor India Limited, the largest passenger car exporter and the second largest car manufacturer in India, has declared an investment of USD 300 million in a world class engine plant and a new press shop, apart from the current investments in new models. At Sriperumbudur in Chennai, the press and engine shop are going to come up. On the 5th of this month, Hyundai Motor India Limited will sign a memorandum of understanding (MoU) with the Government of Tamil Nadu. Mr. Bo Shin Seo, Managing Director, Hyundai Motor India Limited said "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".
This investment will lead to more diesel vehicles in India across the various segments. Currently, HMIL markets Eon, Santro, i10 and the i20 in the A2 segment, in the A3 segment- Accent and Verna, in the A4 segment- Elantra, in the A5 segment- Sonata and in the SUV segment- Santa Fe. This investment will also beget many employment opportunities, including 500 direct employment opportunities. The engine plant and other facilities will be established within the HMIL premises at Irungattukkottai, Chennai.