Hyundai India announces to invest Rs 32,000 crore in India over next 10 years
Hyundai Motor India has planned an investment of Rs 32,000 crore in the country over the next 10 years, from 2023 to 2032, said Unsoo Kim of Hyundai Motor India during the press conference on Wednesday.
ANI
Oct 09, 2024 16:37 IST
Mumbai Maharashtra [India], October 9 (ANI): Hyundai Motor India has planned an investment of Rs 32,000 crore in the country over the next 10 years, between 2023 to 2032, said Unsoo Kim of Hyundai Motor India during the HMIL IPO-related press conference on Wednesday at Mumbai.
The company added that Hyundai India is investing Rs 6,000 crore in its Pune unit.
"From a capacity point of view, a new plant in Pune is coming up, which will increase our capacity from currently 824,000 to almost close to 1.1 million, which is a 30 percent addition in capacity by 2028. So you can see that in the next three to four years, almost 30 percent capacity addition is happening, which will give us a lot of headroom both in domestic and exports to increase our volumes as well as market share," the company officials said during the press briefing.
The company is adding its capacity in the electric vehicle segments and continue to target the strategies of premiumization.
The company sees the SUV segment as an opportunity, for the company in India.
"Because we had very strong experience in the global markets, HMC had a very strong experience. So we were able to really identify that, yes, there could be a huge potential in the Indian market for SUVs. And you can see that how the SUV segment has really grown," the company said.
Hyundai will invest aggressively in new products, future advanced technology, and R&D capabilities in Indian operations.
The IPO will provide opportunities for local and global investors to take part in the company's growth story.
Highlighting the strategy for rural areas, it said that rural penetration is at the highest in the history of Hyundai India.
"Our rural penetration is now at the highest ever in the history of Hyundai. At the same time, I'd like to break this myth that rural customers... want small cars or hatches. Let me share with you, for the January to September period, our SUV contribution in rural is equal to SUV contribution in urban" said the company officials said during the press briefing.
The much-awaited public issue of Hyundai Motor India will be up for subscription starting October 15 till 17th.
The IPO will be opened for subscriptions for big institutional investors on October 14. Issue price for Hyundai India IPO is fixed at Rs 1865 to Rs 1960. (ANI)
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