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Hyundai invests Rs 6,180 cr in Tamil Nadu for Hydrogen Initiatives
Industry News- Jan 09,24
This additional investment is part of the automaker's broader commitment, totalling Rs 20,000 crore over the period of 2023-2032, dedicated to advancing electric vehicle manufacturing.
Hyundai Motor India announced a new investment of Rs 6,180 crore in various initiatives, including the establishment of a hydrogen resource centre in Tamil Nadu. This additional investment is part of the automaker's broader commitment, totalling Rs 20,000 crore over the period of 2023-2032, dedicated to advancing electric vehicle manufacturing, charging infrastructure, and skill development.
The memorandum of understanding (MoU) outlining this new investment was signed between the company and the state government at the Tamil Nadu Global Investors Meet 2024. Hyundai Motor India MD & CEO Unsoo Kim expressed that the significant investment reflects the company's steadfast dedication to enhancing the state's socio-economic development and contributing to the country's self-reliance.
Kim emphasised that the collaboration with the state government extends beyond financial investment, serving as a catalyst for the development of a robust hydrogen technology ecosystem. This aligns with Hyundai's commitment to sustainability and a greener future. He expressed confidence that this joint effort will play a crucial role in propelling Tamil Nadu toward achieving the milestone of becoming a $1 trillion economy.
As part of the MoU, Hyundai will establish a dedicated 'Hydrogen Valley Innovation Hub' with a Rs 180 crore investment, in collaboration with IIT-Madras. This innovation hub will function as an incubation centre, contributing to the localisation of the hydrogen ecosystem.
Source: NDTV
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