Schedule a Call Back
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
Related Stories
Policy Regulation
Can Academia-Industry Ties Power India’s Manufacturing?
India's industrial sector has exhibited tremendous resilience and appetite for growth. However, the academia-industry collaboration will be crucial for India to become a worldwide manufacturing powe..
Read moreAutomation & Robotics
Germany's Festo opens Rs 5 bn facility in Hosur, reinforces India commitment
The manufacturing facility, which will concentrate on the production of advanced pneumatic automation components, aims to cater to both domestic and global markets by delivering high-precision autom..
Read moreElectrical & Electronics
Tamil Nadu tops India in electronics exports with $14.65 billion in FY25
This marks a significant jump from $9.56 billion in FY24, reflecting the state’s growing dominance in a sector vital to India’s manufacturing ambitions.
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
