Friday, April 26, 2019

With Boom in Demand, Hyundai Plans to Invest 4.5k Cr for New Plant

Consistent success of Hyundai vehicle and increased demand in Indian market surged a new wave of enthusiasm in the organization. As a reflection to this it plans to invest 4.5k cr in India, setting up a new plant which is expected to boom its production capacity over a million. With states like Gujarat, Rajasthan and Andhra Pradesh lobbying with Korean company and its Chennai facility facing a crunch, the company is close to finalize the premises to house its new plant. Though company is reluctant to expand near existing location due to labour unrest, however, the chairman Chung Mong Koo confirmed that company is reviewing plans for new factory in India.

As a MD and CEO S B Seo said that India is a growing market and they may start with a capacity of 3-4 lakh unit annually which will be scalable. With this upcoming plant, Hyundai will be the second company after Maruti Suzuki to have production capacity of a million.

Currently Indian market contributes 14.5% to Hyundai global scale which is expected to increase with this new plant and launch of Elite i20 compact, Xcent entry Sedan and Creta compact SUV.

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