Chennai (Tamil Nadu) [India], January 8 : Hyundai Motor India announced Rs 6,180 crore investment plans in Tamil Nadu, which includes Rs 180 crore towards a dedicated 'Hydrogen Valley Innovation Hub,' in association with IIT- Madras.
This commitment which was made during the ongoing investors summit is in addition to the Rs 20,000 crore investment planned in a phased manner over 10 years (2023 to 2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development.
An MoU was exchanged between Unsoo Kim, MD and CEO, of Hyundai Motor India and V Arun Roy, Secretary to Government, Industries Department, Tamil Nadu in the presence of MK Stalin, Chief Minister of Tamil Nadu, Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, TRB Rajaa, Minister for Industries, Investment Promotion and Commerce, Thiru Shiv Das Meena, Chief Secretary, Government of Tamil Nadu and other senior officials during the inaugural ceremony of Tamil Nadu Global Investors Meet 2024.
"Hyundai is one of the largest and most 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," said Unsoo Kim, MD and CEO, of Hyundai Motor India.
"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 USD 1 trillion economy."
The Hydrogen Valley Innovation Hub in association with IIT- Madras will act as an incubation cell to develop a framework for the localisation of the hydrogen ecosystem. The initiative is also expected to generate employment and support skill development in the region.
At the Tamil Nadu Global Investors Meet, Hyundai showcased the globally renowned Fuel Cell Electric Vehicles (FCEV) NEXO and an exclusive Advanced Driver Assistance Systems (ADAS) Engagement Zone.
NEXO marks Hyundai's advancement towards achieving a cleaner environment through eco-friendly vehicles. NEXO's hydrogen fuel cell engine generates electricity by combining oxygen with compressed hydrogen, emitting only water. The visitors can also experience the Hyundai SmartSense (Level 2 ADAS) technology that has been integrated and demonstrated using an immersed experience with Gaming.
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