Chennai, January 8, 2024 – Hyundai Motor India Limited (HMIL) has unveiled plans to invest Rs 6,180 Crore in Tamil Nadu, including Rs 180 crore for a pioneering ‘Hydrogen Valley Innovation Hub’ in collaboration with IIT-Madras. This significant investment is part of Hyundai’s broader commitment to inject Rs 20,000 Crore over a 10-year period (2023-2032) aimed at enhancing electric vehicle production, developing charging infrastructure, and advancing skill development in the region.
At the Tamil Nadu Global Investors Meet 2024, an MoU was exchanged symbolizing this commitment. The agreement, facilitated by Unsoo Kim, MD & CEO of HMIL, and V Arun Roy, IAS., Secretary to Government, Industries Department, Tamil Nadu, was witnessed by a host of dignitaries including Thiru M K Stalin, Hon’ble Chief Minister of Tamil Nadu, Thiru Piyush Goyal, Union Minister of Commerce and Industry, Dr. T R B Rajaa, Minister for Industries, Investment Promotion & Commerce, and other senior officials.
Unsoo Kim remarked, “Hyundai’s longstanding relationship with Tamil Nadu spans 27 years, marked by significant investment and support. Our latest investment of Rs 6,180 Crore reflects our deep commitment to the state’s socio-economic development and the national goal of self-reliance. This venture goes beyond investment; it’s a step towards building a sustainable hydrogen technology ecosystem, aligning with our vision of a green future.”
Hyundai’s Hydrogen Vision with IIT-Madras
In line with Hyundai’s global Hydrogen Vision, the collaboration with IIT-Madras aims to develop a comprehensive hydrogen ecosystem. The ‘Hydrogen Valley Innovation Hub,’ with an investment of Rs. 180 crore, is expected to be a beacon for hydrogen technology development, job creation, and skill enhancement in the region.
Hyundai’s Display at the Investors Meet
Highlighting its commitment to eco-friendly technology, Hyundai showcased its Fuel Cell Electric Vehicle (FCEV), the NEXO, and an Advanced Driver Assistance Systems (ADAS) Experience Zone at the event. The NEXO, renowned for its hydrogen fuel cell engine that emits only water, exemplifies Hyundai’s efforts towards a cleaner environment. Visitors also had the opportunity to experience Hyundai’s Level 2 ADAS technology through immersive gaming demonstrations, showcasing the company’s innovation in automotive safety and technology.
