The latest investment is expected to increase the plant’s capacity by 1 lakh units per annum.
Hyundai Motors is set to invest Rs 7,000 cr in its Sriperumpudur facility near Chennai to expand the production capacity. The company is expected to sign a Memorandum of Understanding with the government of Tamil Nadu related to its new investment at the global investors meet next week.
Economic Times reports that the state’s cabinet ministers have already approved Hyundai’s move for fresh investment. In addition to expanding production capacity at its plant to accommodate production of electric vehicles, the investment will also include an electric vehicle incentive package for the company.
The latest investment plan by Hyundai is estimated to add around 1,500 new jobs. The plant’s capacity is expected to be increased by 1 lakh units per annum.
Meanwhile, the Korean automaker is gearing up to introduce the all-electric Hyundai Kona SUV in mid-2019. The premium offering which will be imported as a CBU will serve as a brand shaper. It will also serve as a precursor to what to expect from Hyundai as far as green vehicles are concerned.