Hyundai Motor India Ltd has announced the investment of Rs 6,180 crore towards diverse initiatives in Tamil Nadu, including the establishment of a hydrogen resource center, at the Tamil Nadu Global Investors Meet 2024 in Chennai. This investment supplements the automaker’s initial plan of deploying Rs 20,000 crore over the next decade (2023-2032). This financial commitment aims to strengthen their endeavors in electric vehicle production, charging infrastructure, and skill enhancement.
Established in 1996, Hyundai Motor India Ltd is a subsidiary of Hyundai Motor Company. known for its innovation, quality, and customer-centric approach, Hyundai Motor India has consistently delivered a diverse lineup of vehicles catering to various segments. With a strong emphasis on technological advancements, eco-friendly initiatives, and a robust manufacturing infrastructure, Hyundai Motor India is focused on shaping the future of mobility while prioritizing excellence and customer satisfaction. Hyundai’s aim to invest Rs 6,180 crore towards diverse initiatives in Tamil Nadu, including the establishment of a hydrogen resource center, as proposed in the Tamil Nadu Global Investor’s Meet 2024, reflects the company’s vision to enhance their existing facilities for EV production, skill enhancements and charging infrastructure development in India.
During the inaugural ceremony of the Tamil Nadu Global Investors Meet 2024, a memorandum of understanding (MoU) was ceremoniously exchanged. The exchange occurred between Hyundai Motor India’s MD & CEO, Unsoo Kim, and V Arun Roy, IAS, Secretary to Government in the Industries Department, representing the Government of Tamil Nadu. The presence of eminent figures such as M K Stalin, the Chief Minister of Tamil Nadu, Piyush Goyal, the Union Minister overseeing Commerce, Industry, Consumer Affairs, Food, Public Distribution, and Textiles, along with Dr. T R B Rajaa, the Minister responsible for Industries, Investment Promotion & Commerce, and Shiv Das Meena, I.A.S., the Chief Secretary of the Government of Tamil Nadu, alongside other esteemed officials, adorned this occasion.
Unsoo Kim 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.”
In line with Hyundai’s vision of advancing the global adoption of hydrogen technology, there is a concerted effort to facilitate the widespread integration of hydrogen across various sectors. This collaborative partnership between Hyundai Motor India Limited (HMIL) and the Government of Tamil Nadu had culminated in the signing of a Memorandum of Understanding (MOU) aimed at establishing a specialized ‘Hydrogen Valley Innovation Hub’ with a substantial investment of Rs 180 crore. This initiative, conducted in conjunction with IIT-Madras, will serve as an incubation center. Its primary focus will be on devising and implementing strategies for the localization and amplification of the hydrogen ecosystem. This endeavor will not only create a conducive environment for innovation but is also anticipated to significantly enhance employment opportunities. Furthermore, the initiative is geared towards fostering skill development within the region, contributing to the overall growth and advancement of the community.
At the recent Tamil Nadu investors’ meet, Hyundai has also launched its Fuel Cell Electric Vehicle (FCEV) NEXO alongside an exclusive showcase associated with Advanced Driver Assistance Systems (ADAS). The introduction of NEXO represents the vision of Hyundai’s in promoting a greener environment through the adoption of eco-conscious automobiles. NEXO operates on a hydrogen fuel cell engine that effectively generates electricity through the combination of compressed hydrogen and oxygen, resulting in the emission of solely water. Furthermore, attendees had the opportunity to engage with Hyundai’s SmartSense technology, an advanced Level 2 ADAS, through an immersive and interactive demonstration akin to gaming, offering a firsthand experience of its integration and functionality.