Hyundai Motor India today announced its plan to invest Rs 6180 crore, including Rs 180 crore towards a ‘Hydrogen Valley Innovation Hub’, in Tamil Nadu. This investment is in addition to the Rs 20,000 crore, planned in a phased manner over the period of 10 years (2023 to 2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development.
Hyundai has signed an MoU with the Tamil Nadu government regarding this new investment during the inaugural ceremony of Tamil Nadu Global Investors Meet 2024.
Unsoo Kim, MD & CEO, Hyundai Motor India said, “This substantial investment of Rs 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.”
Further, he added, “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. We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a $1 trillion economy.”
Hyundai has signed an MoU with the Tamil Nadu government regarding this new investment during the inaugural ceremony of Tamil Nadu Global Investors Meet 2024.
Unsoo Kim, MD & CEO, Hyundai Motor India said, “This substantial investment of Rs 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.”
Further, he added, “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. We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a $1 trillion economy.”
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As part of the MoU, HMIL is collaborating with the Government of Tamil Nadu and signed another MoU to establish a dedicated ‘Hydrogen Valley Innovation Hub,’ with an investment of Rs 180 crore, in association with the IIT-Madras.
This facility will act as an incubation cell to develop a framework for localization of hydrogen ecosystem. The initiative is also expected to generate employment and support skill development in the region.
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