On Monday, Hyundai Motor India Ltd announced a Rs 6,180 crore investment in Tamil Nadu, India, focusing on initiatives such as establishing a hydrogen resource centre. This additional investment supplements the automaker’s ten-year plan (2023-2032) to strengthen electric vehicle manufacturing, charging infrastructure, and skill development, amounting to Rs 20,000 crore. Hyundai will also collaborate with IIT-Madras to establish a hydrogen resource centre and an incubation cell within the ‘Hydrogen Valley Innovation Hub.’
Hyundai Commits Rs 6,180 Crore Investment in Tamil Nadu
During the Tamil Nadu Global Investors Meet 2024, the company signed an MoU with the state government for the new investment.
Hyundai Motor India MD & CEO, Unsoo Kim, stated,
“This substantial Rs 6,180 crore investment reaffirms our enduring commitment to fortify the state’s socio-economic development and contribute to making the country self-reliant.”
Kim emphasized that the collaboration transcends mere investment, serving as a catalyst for nurturing a robust hydrogen technology ecosystem. This aligns with the company’s dedication to sustainability and a green future.
Kim expressed confidence that this collective effort will propel the state towards achieving the milestone of becoming a USD 1 trillion economy.
Hyundai’s Hydrogen Valley Innovation Hub
As per the MoU, Hyundai will establish a dedicated ‘Hydrogen Valley Innovation Hub’ with a Rs 180 crore investment, in collaboration with IIT-Madras. This facility will serve as an incubation cell, actively developing a framework for the localization of the hydrogen ecosystem.
The initiative is anticipated to generate employment opportunities and contribute to skill development in the region, as stated by the automaker.
Hyundai and Tamil Nadu Government Ink MoU
In the presence of Hyundai Motor India’s MD & CEO Unsoo Kim, Tamil Nadu Chief Minister M K Stalin, and Union Minister of Commerce and Industry Piyush Goyal, a recent Memorandum of Understanding (MoU) was signed between Hyundai and the Tamil Nadu government.
The company, in collaboration with IIT Madras, is set to establish a dedicated ‘Hydrogen Valley Innovation Hub’ to make hydrogen widely accessible, aiming to create a framework for localizing the hydrogen ecosystem. The manufacturing base in Tamil Nadu currently produces over 8 lakh units annually from the plant near Chennai.