Hyundai to invest Rs. 26,180cr in Tamil Nadu by 2032
What's the story
Hyundai Motor India has revealed plans to invest an additional Rs. 6,180 crore in Tamil Nadu by 2032, bringing its total investment in the region to Rs. 26,180 crore.
The carmaker and the Government of Tamil Nadu have signed an MoU for this initiative.
According to Unsoo Kim, MD and CEO of Hyundai Motor India, "This collaboration with the state government is a catalyst for cultivating a robust hydrogen technology ecosystem."
Information
Hydrogen Valley Innovation Hub plans
Previously, Hyundai had planned to invest over Rs. 20,000 crore over 10 years to boost EV manufacturing, charging infrastructure, and skill development. From its latest investment, the company is allocating Rs. 180 crore toward a dedicated 'Hydrogen Valley Innovation Hub,' in association with IIT Madras.
More
Incubation cell for localization of hydrogen ecosystem
Additionally, Hyundai has inked another MoU with the Tamil Nadu government and IIT Madras to create an incubation cell focused on localizing the hydrogen ecosystem.
This project is expected to generate jobs and promote skill development in the area.
In related news, Vietnamese EV maker VinFast has also signed an MoU with the Tamil Nadu government, committing to a $2 billion investment in electric vehicle manufacturing and exports from India.