Hyundai All Set To Invest $1 Bn In India By 2013
Hyundai Motor Co is all set to invest USD 1 billion in India by next five years (2013). This will further support its resolution to make India a global small car manufacturing hub.
The Korean car major would invest around USD 528 million on its second Indian plant set up. It is also investing USD 263 million on a new engine and transmission facility having yearly capacity of 3 lakh units, plus investing USD 40 million on a research and development centre at Hyderabad.
With the establishment of new plant, the company’s overall production capacity in India will augment two times to six lakh units annually. It will have a capacity of three lakh units, and will be used primarily for manufacture of its new hatchback `i10`.
The Chairman and CEO Moong-Koo Chung said, “Our new plant will be the platform for future growth. I am sure Hyundai Motor I ndia will play its role perfectly as a global manufacturing gun for all of Hyundai's small models.”
The company is aiming to make 5.3 lakh units in the recent year (2008) and by 2009 it will increase its capacity to 6-6.3 lakh units.
With exports being a main focus the company anticipates 50% of its total production to be utilized for abroad markets.
The company is also thinking over a new small car that could be placed under its flagship model ‘Santro.’
On the sedan section, the company is analyzing the feasibility of bringing ‘Avante’ as a substitute to ‘Elantra’.
The company’s R&D facility in Hyderabad would carry out computer aided design (CAD) activities together with other investigation on low-priced materials.
