Hyundai's ₹8,500cr R&D center in Telangana will create 4,300 jobs
What's the story
The Telangana government has given a nod to set up the Hyundai Global Innovation Research and Development Center in Zaheerabad.
The decision was taken at an Industrial Promotion Sub-Committee meeting chaired by Deputy Chief Minister Mallu Bhatti Vikramarka.
The proposed R&D center will come up in the National Investment and Manufacturing Zone (NIMZ), Zaheerabad, with an investment of ₹8,528 crore over 675 acres.
Hyundai representatives told the committee that this project will create 4,276 jobs.
Profile
A look at the R&D center
The R&D center will have key facilities including an automotive test track, pilot line, and prototyping systems.
This investment is seen as a significant development for Telangana's industrial landscape.
Vikramarka stressed on the need for officials to take necessary steps to retain industries that offer huge employment opportunities and revenue for the state.
Reason
Why the focus on India?
Currently, India is the third biggest market for Hyundai after North America and South Korea.
The firm is positioning India as its biggest global export base after South Korea, with a quarter of the planned one million-unit global capacity addition to come from here.
Hyundai wants to introduce 26 cars by the end of this decade. This rollout shall include 20 ICE models and six EVs—a mix of new models and facelifts.