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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.
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.
