‘Detroit of India’ clinches ₹20,000-crore deal with Hyundai

Korean automobile major Hyundai Motor India Limited has announced that it will invest ₹20,000 crore over the next 10 years in Tamil Nadu, popularly known as the ‘Detroit of India’, to modernise vehicle platforms and expand its presence in the electric vehicle space

Korean automobile major Hyundai Motor India Limited has announced that it will invest ₹20,000 crore over the next 10 years in Tamil Nadu, popularly known as the ‘Detroit of India’, to modernise vehicle platforms and expand its presence in the electric vehicle space.

An MoU was exchanged between Unsoo Kim, MD and CEO of Hyundai Motor India Limited, and V. Vishnu, MD and CEO of Guidance Tamil Nadu, in the presence of Chief Minister M.K. Stalin, Minister for Industries, Investment Promotion and Commerce T.R.B. Rajaa, Minister for Finance and Human Resource Management Thangam Thennarasu and senior government officials.

Noting that Hyundai was one of the largest manufacturers and consistent investors in Tamil Nadu, Mr. Kim said, “As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai’s EV manufacturing in India. This will help us to strengthen our portfolio and provide best-in-class features and technologies in our vehicles, which will exceed our customer aspirations.”

During the event, the Chief Minister recalled that in 1996, his father and the then Chief Minister, M. Karunanidhi, laid the foundation for Hyundai’s first unit in the State. The second plant, entailing an investment of ₹4,000 crore, was inaugurated by Karunanidhi in 2008, he noted.

Mr. Thennarasu, who was shifted to the Finance portfolio, said Tamil Nadu had received a lot of investments over the past two years. As a recent example, he cited Cisco’s plan to set up a manufacturing plant in the State.

In his first public meeting after taking charge as Industries Minister, Mr. Rajaa said Hyundai was a household name in India as much as it was in Korea. Hyundai had been a long-time friend of Tamil Nadu, and had now reaffirmed its trust in the State, he said. “This investment shows the mutual understanding built over the years,” he added.

The Tamil Nadu government’s focus on skill development will churn out a talented workforce for the future, he said.