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Posted on Nov 02, 12:50PM | UNI
Car major Hyundai Motor India Limited today announced an investment of USD 300 million in a world class flexible engine plant and a new press shop, apart from ongoing investments in new models.
A company release here said the Press and Engine shop would come up at the existing facility at Irungattukottai near Sriperumbudur, about 40 km from here.
The company would sign a Memorandum of Understanding (MoU) with the Tamil Nadu Government on November five.
' 'This investment will offer customers more diesel options across segments in the near future and create direct employment opportunity for 500 persons, apart from significant indirect employment opportunities', the release said.
Mr. Bo Shin Seo, Managing Director, Hyundai Motor India Limited said "through this investment we strengthen our commitment to the state and the country. This investment will help us meet the growing demand of diesel vehicles in India and reduce the waiting perod.' The proposed engine plant and other facilities will be set up within the premises of HMIL at Irungattukkottai in Chennai.