Hyundai To Invest Over Rs 6,000 Crore In Tamil Nadu.
The Memorandum of Understanding (MoU) was formally signed during the inaugural ceremony of the Tamil Nadu Global Investors Meet 2024.
Hyundai Motor India Limited (HMIL) has unveiled plans for a massive investment of Rs 6,180 crore in the state of Tamil Nadu.
This announcement, made during the Tamil Nadu Global Investors Meet 2024, includes a dedicated Hydrogen Valley Innovation Hub in collaboration with IIT-Madras, according to the Economic Times.
This move aligns with Hyundai’s commitment to fostering a global Hydrogen Society and is part of the company’s broader investment plan of Rs 20,000 crore over the next decade.
The Memorandum of Understanding (MoU) was formally signed during the inaugural ceremony of the Tamil Nadu Global Investors Meet 2024. The signatories included Unsoo Kim, MD & CEO of Hyundai Motor India, Dr T R B Rajaa, Hon’ble Minister for Industries, Investment Promotion & Commerce, V Arun Roy, IAS., Secretary to Government, Industries Department, Government of Tamil Nadu, Thiru Shiv Das Meena, I.A.S., Chief Secretary, Government of Tamil Nadu, and other senior officials.
Hyundai’s commitment to Tamil Nadu spans over 27 years, and the recent investment reinforces its position as one of the largest and consistent investors in the state. Unsoo Kim expressed gratitude for the unwavering support received from the state. He was quoted by ET Auto stating, “This substantial investment of Rs 6,180 crore is a testament to our enduring commitment to fortifying the state’s pursuit to boost the socio-economic development in the State and make the country self-reliant.”
He emphasised that this partnership with the state government extends beyond a simple financial investment; it serves as a catalyst for fostering a resilient hydrogen technology ecosystem, aligning with their dedication to sustainability and a greener future. He expressed confidence that this collaborative endeavour will drive Tamil Nadu towards the significant milestone of attaining a $1 trillion economy.
In line with the Hyundai Hydrogen Vision, the objective is to contribute to the global Hydrogen Society, ensuring widespread accessibility and utilisation of hydrogen for all aspects of life, everywhere, the company said.
As a step towards this goal, HMIL has joined forces with the Government of Tamil Nadu, signing an MOU for the establishment of a dedicated Hydrogen Valley Innovation Hub. With an investment of Rs 180 crore, in collaboration with IIT-Madras, this hub will serve as an incubation centre, fostering the development of a localized hydrogen ecosystem framework. The initiative is anticipated not only to create employment opportunities but also to support skill development within the region.
Hyundai showcased its commitment to hydrogen technology by displaying the globally renowned Fuel Cell Electric Vehicle (FCEV) NEXO at the Tamil Nadu investors’ meet. The NEXO exemplifies Hyundai’s dedication to achieving a cleaner environment through eco-friendly vehicles. The hydrogen fuel cell engine produces electricity through the fusion of oxygen and compressed hydrogen, emitting solely water.
In addition to showcasing the NEXO, Hyundai presented an exclusive Advanced Driver Assistance Systems (ADAS) Engagement Zone, highlighting the integration of the Hyundai SmartSense technology. This Level 2 ADAS technology was demonstrated using an experience with gaming, providing visitors with insights into the future of automotive safety and technology.
Hyundai To Invest Over Rs 6,000 Crore In Tamil Nadu.
The Memorandum of Understanding (MoU) was formally signed during the inaugural ceremony of the Tamil Nadu Global Investors Meet 2024.
Hyundai Motor India Limited (HMIL) has unveiled plans for a massive investment of Rs 6,180 crore in the state of Tamil Nadu.
This announcement, made during the Tamil Nadu Global Investors Meet 2024, includes a dedicated Hydrogen Valley Innovation Hub in collaboration with IIT-Madras, according to the Economic Times.
This move aligns with Hyundai’s commitment to fostering a global Hydrogen Society and is part of the company’s broader investment plan of Rs 20,000 crore over the next decade.
The Memorandum of Understanding (MoU) was formally signed during the inaugural ceremony of the Tamil Nadu Global Investors Meet 2024. The signatories included Unsoo Kim, MD & CEO of Hyundai Motor India, Dr T R B Rajaa, Hon’ble Minister for Industries, Investment Promotion & Commerce, V Arun Roy, IAS., Secretary to Government, Industries Department, Government of Tamil Nadu, Thiru Shiv Das Meena, I.A.S., Chief Secretary, Government of Tamil Nadu, and other senior officials.
Hyundai’s commitment to Tamil Nadu spans over 27 years, and the recent investment reinforces its position as one of the largest and consistent investors in the state. Unsoo Kim expressed gratitude for the unwavering support received from the state. He was quoted by ET Auto stating, “This substantial investment of Rs 6,180 crore is a testament to our enduring commitment to fortifying the state’s pursuit to boost the socio-economic development in the State and make the country self-reliant.”
He emphasised that this partnership with the state government extends beyond a simple financial investment; it serves as a catalyst for fostering a resilient hydrogen technology ecosystem, aligning with their dedication to sustainability and a greener future. He expressed confidence that this collaborative endeavour will drive Tamil Nadu towards the significant milestone of attaining a $1 trillion economy.
In line with the Hyundai Hydrogen Vision, the objective is to contribute to the global Hydrogen Society, ensuring widespread accessibility and utilisation of hydrogen for all aspects of life, everywhere, the company said.
As a step towards this goal, HMIL has joined forces with the Government of Tamil Nadu, signing an MOU for the establishment of a dedicated Hydrogen Valley Innovation Hub. With an investment of Rs 180 crore, in collaboration with IIT-Madras, this hub will serve as an incubation centre, fostering the development of a localized hydrogen ecosystem framework. The initiative is anticipated not only to create employment opportunities but also to support skill development within the region.
Hyundai showcased its commitment to hydrogen technology by displaying the globally renowned Fuel Cell Electric Vehicle (FCEV) NEXO at the Tamil Nadu investors’ meet. The NEXO exemplifies Hyundai’s dedication to achieving a cleaner environment through eco-friendly vehicles. The hydrogen fuel cell engine produces electricity through the fusion of oxygen and compressed hydrogen, emitting solely water.
In addition to showcasing the NEXO, Hyundai presented an exclusive Advanced Driver Assistance Systems (ADAS) Engagement Zone, highlighting the integration of the Hyundai SmartSense technology. This Level 2 ADAS technology was demonstrated using an experience with gaming, providing visitors with insights into the future of automotive safety and technology.