Ad

Ad

Know why Hyundai Invested ₹6,180 Crore in Tamil Nadu?

ByRobin Kumar Attri|Updated on:08-Jan-2024 11:45 AM

Share via:


Follow Us:

google-news-follow-icon
noOfViews-icon

8,465 Views



ByRobin Kumar Attri

Updated on:08-Jan-2024 11:45 AM

noOfViews-icon

8,465 Views

share-icon

Follow Us:

google-news-follow-icon

Hyundai invested ₹6,180 crore in Tamil Nadu for establishing the Hydrogen Resource Centre with IIT-Madras, advancing green technology and fostering economic growth.

Know why Hyundai Invested ₹6,180 Crore in Tamil Nadu?

Hyundai to Establish Hydrogen Resource Centre in Tamil Nadu in Collaboration with IIT-Madras

In a significant boost to Tamil Nadu's automotive landscape and commitment to sustainable technologies, Hyundai Motor India has announced an additional investment of ₹6,180 crore in the state. This comes on top of the previously declared ₹20,000 crore investment over the next decade, starting in 2023, focused on advancing the manufacturing of the electric vehicle, charging infrastructure, and skill development.

Hydrogen Innovation Hub:

A pivotal aspect of the fresh investment is the allocation of ₹180 crore towards establishing a dedicated Hydrogen Valley Innovation Hub in collaboration with the prestigious IIT-Madras. This initiative aims to create a Hydrogen Resource Centre, functioning as an incubation cell for developing a framework for the localization of the hydrogen ecosystem. Hyundai visualizes this collaboration as a catalyst for cultivating a robust hydrogen technology ecosystem, reflecting the company's commitment towards sustainability and a green future.

Memorandum of Understanding:

The Memorandum of Understanding (MoU) sealing this landmark investment was signed between Hyundai and the state government of Tamil Nadu in the presence of the Chief Minister MK Stalin and the Union Minister of Commerce and Industry Piyush Goyal. Unsoo Kim, MD and CEO of Hyundai Motor India, emphasized that this substantial investment is a testament to the company's enduring commitment for fortifying the state's pursuit of socio-economic development and self-reliance.

Hyundai India signs an MoU to establish a dedicated ‘Hydrogen Valley Innovation Hub,’ at IIT – Madras with an investment of Rs. 180 crore

Hydrogen Technology Ecosystem:

The collaboration with IIT-Madras aims not only to bolster the local economy but also to generate employment and support skill development in the region. Hyundai's strategic move into hydrogen technology aligns with the global trend towards diversifying of the powertrains, exemplified by their hydrogen fuel cell SUV, Nexo, showcased at the Tamil Nadu Global Investors Meet.

Market Dynamics and Future Strategy:

As Hyundai Executive Director Tarun Garg highlighted in a recent press interaction, the company's strategy would adapt to the market trends. While Hyundai presently offers a range of powertrains, including petrol, diesel, CNG, and battery technology, the future could also witness further diversification based on the evolving preferences of the customer and the policies by the government.

CarBike360 Says

Hyundai's substantial investment in Tamil Nadu not only underscores its commitment to sustainable and green technologies but also positions the state as a hub for hydrogen innovation. The establishment of the Hydrogen Resource Centre in collaboration with IIT-Madras is expected to usher in a new era of technological advancement, employment opportunities, and skill development in the region, solidifying Hyundai's role in shaping the future of the Indian automotive industry.

Ad

Ad


Follow Us:

whatsapp-follow-icon
instagram-follow-icon
youtube-follow-icon
google-news-follow-icon

More News

VinFast Explores Joint Ventures with Adani Group and Megha Engineering

VinFast Explores Joint Ventures with Adani Group and Megha Engineering

Get to know about the talk between VinFast with Adani Group and Megha Engineering for a joint venture in India as it gears up to launch its Tamil Nadu factory by 2025.

21-Nov-2024 06:48 AM

Read Full News
VinFast Explores Joint Ventures with Adani Group and Megha Engineering

VinFast Explores Joint Ventures with Adani Group and Megha Engineering

Get to know about the talk between VinFast with Adani Group and Megha Engineering for a joint venture in India as it gears up to launch its Tamil Nadu factory by 2025.

21-Nov-2024 06:48 AM

Read Full News
Jaguar's New & Bold Transformation: A unique Legacy in the making

Jaguar's New & Bold Transformation: A unique Legacy in the making

Discover Jaguar's groundbreaking transformation into a luxury EV brand with a stunning new identity.

21-Nov-2024 06:35 AM

Read Full News
Jaguar's New & Bold Transformation: A unique Legacy in the making

Jaguar's New & Bold Transformation: A unique Legacy in the making

Discover Jaguar's groundbreaking transformation into a luxury EV brand with a stunning new identity.

21-Nov-2024 06:35 AM

Read Full News
New Toyota Camry Launching in India on December 11 – What's New?

New Toyota Camry Launching in India on December 11 – What's New?

The all-new Toyota Camry, launching in India on December 11, brings updated design, interior tech, and improved hybrid efficiency. Learn more about its specs.

18-Nov-2024 09:42 AM

Read Full News
New Toyota Camry Launching in India on December 11 – What's New?

New Toyota Camry Launching in India on December 11 – What's New?

The all-new Toyota Camry, launching in India on December 11, brings updated design, interior tech, and improved hybrid efficiency. Learn more about its specs.

18-Nov-2024 09:42 AM

Read Full News
Mahindra's XEV 9e and BE 6e Final Designs Revealed

Mahindra's XEV 9e and BE 6e Final Designs Revealed

Discover Mahindra's XEV 9e and BE 6e final production designs, maintaining their bold concept looks with futuristic features and competitive battery packs, ahead of the November 26 global reveal.

18-Nov-2024 06:19 AM

Read Full News
Mahindra's XEV 9e and BE 6e Final Designs Revealed

Mahindra's XEV 9e and BE 6e Final Designs Revealed

Discover Mahindra's XEV 9e and BE 6e final production designs, maintaining their bold concept looks with futuristic features and competitive battery packs, ahead of the November 26 global reveal.

18-Nov-2024 06:19 AM

Read Full News
All-New Volvo ES90: A Premium Electric Sedan Launching March 2025

All-New Volvo ES90: A Premium Electric Sedan Launching March 2025

The all-new Volvo ES90 electric sedan, set for a global debut in March 2025. A premium EV rival to the BMW i5 and Mercedes EQE with advanced technology and up to 600km range.

18-Nov-2024 05:04 AM

Read Full News
All-New Volvo ES90: A Premium Electric Sedan Launching March 2025

All-New Volvo ES90: A Premium Electric Sedan Launching March 2025

The all-new Volvo ES90 electric sedan, set for a global debut in March 2025. A premium EV rival to the BMW i5 and Mercedes EQE with advanced technology and up to 600km range.

18-Nov-2024 05:04 AM

Read Full News
New-Gen Audi A5L Long-Wheelbase Sedan Revealed for China – Will It Come to India?

New-Gen Audi A5L Long-Wheelbase Sedan Revealed for China – Will It Come to India?

Audi has unveiled the new-gen A5L long-wheelbase sedan for China, debuting at Auto Guangzhou. Discover its features, specs, and the potential for an Indian release.

16-Nov-2024 09:37 AM

Read Full News
New-Gen Audi A5L Long-Wheelbase Sedan Revealed for China – Will It Come to India?

New-Gen Audi A5L Long-Wheelbase Sedan Revealed for China – Will It Come to India?

Audi has unveiled the new-gen A5L long-wheelbase sedan for China, debuting at Auto Guangzhou. Discover its features, specs, and the potential for an Indian release.

16-Nov-2024 09:37 AM

Read Full News

Ad

Ad

Explore Other Cars Brands

Cars In India

Mahindra  BE 6e

Mahindra BE 6e

₹ 17.00 - 21.00 Lakh

Mahindra XEV 9e

Mahindra XEV 9e

₹ 50.00 - 52.00 Lakh

Audi New Q7

Audi New Q7

₹ 89.00 - 98.00 Lakh

BMW M3 Facelift

BMW M3 Facelift

₹ 1.47 Cr

Honda New Amaze

Honda New Amaze

₹ 7.50 - 10.00 Lakh

Ad

Ad

Ad