Hyundai Motor India to invest Rs 6,180 crore in Tamil Nadu, focusing on hydrogen resource center establishment among other initiatives. This investment comes as an addition to the previously announced Rs 20,000 crore commitment for electric vehicle manufacturing, charging infrastructure, and skill development over a decade. The automaker formalised this new investment through an MoU signed at the Tamil Nadu Global Investors Meet 2024.
"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," Hyundai Motor India MD & CEO Unsoo Kim said in a statement.
This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors the company's commitment to sustainability and a green future, he added.
"We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a USD 1 trillion economy," Kim said.
Under the MoU, Hyundai is set to create a specialised 'Hydrogen Valley Innovation Hub' in collaboration with IIT-Madras, investing Rs 180 crore. This hub will serve as an incubation center, focusing on creating a structure for localized hydrogen ecosystems. Hyundai anticipates this initiative will not only create job opportunities but also promote skill development in the area, as per the automaker's announcement.