Automobile desk: With the aim of further strengthening its hold in the Indian automobile market, South Korea's leading car manufacturer Hyundai Motor India is going to take a big step. The company has decided to make a huge investment of Rs 11,000 crore for the expansion and modernization of its manufacturing plant in Pune, Maharashtra. The main objective of this ambitious investment plan is to give a new dimension to its production structure in India and to smoothly meet the increasing demand of the market in the coming times.
Managing Director (MD) and Chief Executive Officer (CEO) of the company, Tarun Garg, while announcing this, clarified that this capital investment will be done in a phased manner in several phases. He informed that this capital investment will not only increase the production of automobiles, but will also bring positive changes in the industrial scenario of the state. Availability of new advanced technologies will be ensured at the local level and new opportunities for direct and indirect employment will be created on a large scale.
If we talk about the current capabilities of the Pune plant, at present 1.70 lakh four-wheelers are manufactured here every year. The company's strategic plan is to systematically increase this figure to 3.20 lakh units annually by 2030. Additionally, the plant also has a state-of-the-art hi-tech engine unit for manufacturing modern engines, where it is possible to produce more than 1.50 lakh powerful engines every year.
This new investment of Rs 11,000 crore is a key part of Hyundai's long-term vision, under which the company has committed to invest a total of $15.5 billion in the Indian market over the next seven years. This comprehensive plan not only includes expanding the car assembly line, but also special emphasis is being laid on Research and Development (R&D), strengthening the network of domestic parts suppliers and increasing the number of components locally.
Euisun Chung, Executive Chairman of Hyundai Motor Group, has described India as a very important and central hub of the company from the global business point of view. Recently, the export figure of vehicles made in India in the international market has crossed 40 lakh units, which proves the strength of Indian manufacturing capacity. Since 1999, Made-in-India vehicles are being sent to foreign countries. In the future, when both the Chennai and Pune plants will start functioning at full capacity, Hyundai's total annual production capacity in India will be around 11.40 lakh vehicles by 2030.