Hyundai to make additional investment of ₹6,180 cr in Tamil Nadu. Here's why
- Hyundai plans to establish a Hydrogen Resource Centre in Tamil Nadu in collaboration with IIT-Madras.
Hyundai Motor India on Monday announced it will make an additional investment of ₹6,180 crore in the state of Tamil Nadu and that this will be over and above the ₹20,000 crore investment over a period of 10 years starting 2023 that it had previously announced.
While the investment of ₹20,000 crore between 2023 and 2032 is directed towards enhancing Hyundai's capabilities for electric vehicle manufacturing, charging infrastructure and skill development, the latest investment amount includes ₹180 crore towards a dedicated Hydrogen Valley Innovation Hub in association with IIT- Madras.
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A Memorandum of Understanding (MoU) was signed for the latest investment between Hyundai and the state government of Tamil Nadu in the presence of Chief Minister MK Stalin and Union Minister of Commerce and Industry Piyush Goyal. “This substantial investment of ₹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," said Unsoo Kim, MD and CEO, Hyundai Motor India. “This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors our commitment to sustainability and a green future."
Hydrogen Resource Centre
A part of the latest investment announced by Hyundai in Tamil Nadu is directed towards a facility that will act as an incubation cell to develop a framework for localization of hydrogen ecosystem. Hyundai says that this initiative - in collaboration with IIT-Madras - is also expected to generate employment and support skill development in the region.
Hyundai at present offers car models with petrol, diesel, CNG and battery technology. But the world over, it also offers a hydrogen fuel cell SUV called Nexo which was recently showcased at the Tamil Nadu Global Investors Meet.
Does Hyundai then plan to diversify the powertrain it offers to Indian customers. Speaking to members of the press last week, Hyundai Executive Director Tarun Garg had explained that much of the strategy would depend on market trends even though the company remains committed to monitoring government policies.
