Hyundai Motor India to Invest Additional Rs 6,180 Crore in Tamil Nadu for Hydrogen Innovation Hub and More

At the Tamil Nadu Global Investors Meet (TNGIM) 2024, Hyundai Motor India announced that it will invest an additional Rs 6,180 crore in Tamil Nadu. This is in addition to a large-scale investment of Rs 20,000 crore, which will be spent in a phased manner over a period of 10 years (2023-2032). The initial investment, according to Hyundai, is intended to augment the company's efforts in electric vehicle manufacturing, charging infrastructure, and skill development.

Meanwhile, the new investment comes as part of the MoU (Memorandum of Understanding) between the carmaker and IIT Madras to set up a dedicated ‘Hydrogen Valley Innovation Hub', with an investment of Rs 180 crore. Hyundai says that this innovation hub will act as an incubation cell to develop a framework for the localisation of the hydrogen ecosystem, and will help in generating employment and supporting skill development in the region.

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Hyundai, IIT Madras to Establish Hydrogen Innovation Hub

In line with the Hyundai Hydrogen Vision, the objective of this initiative is to help foster a worldwide Hydrogen Society by making hydrogen readily used for everyone, everything and everywhere, according to the statement issued by Hyundai. With this, Hyundai joins the likes of Tata Motors, which unveiled two state-of-the-art, new-age R&D (research and development) facilities in October 2023 to offer sustainable mobility solutions. These facilities will aid the company in developing hydrogen-fuelled, zero-emission propulsion systems and more.

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Apart from this, another MoU was signed between Unsoo Kim, MD & CEO, Hyundai Motor India, and V Arun Roy, I.A.S., Secretary to Government, Industries Department, Government of Tamil Nadu, in the presence of M K Stalin, Chief Minister of Tamil Nadu, Piyush Goyal, Union Minister of Commerce and Industry, and others during the inaugural ceremony of Tamil Nadu Global Investors Meet 2024.

On this new investment, Unsoo Kim, MD & CEO, Hyundai Motor India Ltd., said, " Hyundai is one of the largest and consistent investors in Tamil Nadu for the past 27 years. We extend our heartfelt gratitude for the unwavering support and guidance received from the state".

"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. This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors our commitment to sustainability and a green future. We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a $1 trillion economy."

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The investor summit also witnessed the carmaker showcase its Nexo Fuel Cell Electric Vehicles (FCEV), along with an Advanced Driver Assistance Systems (ADAS) Engagement Zone.