This Rs 6,180-crore investment in Tamil Nadu will contribute significantly to establishing a sustainable hydrogen technology ecosystem in the state and aligns with the company's vision for a greener future
Hyundai Motor India Ltd. is set to inject a substantial sum of Rs 6,180 crore into a range of initiatives in Tamil Nadu, bolstering its commitment to the burgeoning electric vehicle sector in India and contributing to the state's socio-economic development.
This significant investment comes in addition to the previously earmarked Rs 20,000 crore that is to be deployed over the decade 2023-2032. The commitment was formalised at the Tamil Nadu Global Investors Meet 2024, where the company inked a Memorandum of Understanding (MoU) with the state government.
Unveiling the ambitious investment plan, Hyundai Motor India's Managing Director and CEO, Unsoo Kim, asserted the company's dedication to fortifying the state's endeavours in socio-economic progress and fostering self-reliance on the domestic front. Kim underscored the pivotal role of this collaboration with the state government in nurturing a sustainable hydrogen technology ecosystem, aligning seamlessly with the company's overarching vision for a greener future.
In line with the MoU, Hyundai is gearing up to establish a 'Hydrogen Valley Innovation Hub' alongside IIT-Madras, injecting Rs 180 crore into the project. This dedicated facility will serve as a nucleus for incubating and developing a comprehensive framework to localise the hydrogen ecosystem. Beyond its technological aspirations, the initiative is poised to generate employment opportunities and contribute to regional skill development.
Hyundai Motor India, which already boasts a robust manufacturing base in Tamil Nadu, producing over 8 lakh units annually from its facility near Chennai, is now poised to spearhead the charge towards a sustainable and innovative automotive landscape in the region.