Hyundai chief shares India investment plans
Hyundai Motor has expressed interest to bid for a 500 million dollar Delhi Metro contract for supply rolling stock.india Updated: Sep 20, 2006 20:39 IST
South Korean car major Hyundai Motor on Wednesday sought New Delhi's support to make India an export hub for small cars, while expressing interest to bid for a 500 million dollar Delhi Metro contract for supply rolling stock.
Hyundai Chairman and CEO Chung Mong Koo, who called on Indian leaders including President A P J Abdul Kalam and Prime Minister Manmohan Singh, shared his company's investment plans for India, where it already has a car manufacturing facility.
"HMI will continue to be a responsible corporate citizen, creating additional employment in Tamil Nadu, contributing to the economy not only of the state but the Indian economy too," he was quoted as saying in a company statement.
Meanwhile, a Bloomberg report from Seoul quoting a separate statement said Koo told Singh that Hyundai's rolling stock affiliate, Rotem Co would bid for a 500 million dollar contract to build 400 trains for the second phase of the Delhi Metro.
As part of its global expansion strategy, HMI is setting-up a second car manufacturing plant with a three lakh capacity thereby doubling its production.
In addition to this, HMI will also set up an engine and transmission plant and a R&D centre in India, it added.
The setting up of the second plant and establishing the new R&D centre will increase the production as well as sales of Hyundai Motor India and also change the face of the company in India making it now a comprehensive automotive manufacturer, Koo said.