Hyundai Motor India Limited (HMIL) on Monday said it will invest another Rs. 6,180 crore in Tamil Nadu apart from the earlier announced Rs 20,000 crore investment for electric vehicle and others between 2023-2032.
According to Hyundai Motor, out of the fresh investment announcement, Rs 180 crore will be for a dedicated ‘Hydrogen Valley Innovation Hub,’ in association with Indian Institute of Technology-Madras.
The car maker has signed an Memorandum of Understanding (MoU) with the Tamil Nadu government for investing Rs 6,180 crore.
The substantial investment is a testament of the company’s commitment to fortifying the state's pursuit to boost the socio-economic development in the state and make the country self-reliant.
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, said Unsoo Kim, Managing Director and CEO.