The Maharashtra Deputy CM wrote that Hyundai has confirmed ₹7,000 crore investment in Talegaon, Pune. He also wrote that this will be the first investment of the auto manufacturer in India beyond Tamil Nadu, where the company has been investing and doing business successfully for more than 25 years. He further wrote that Hyunai will sign a MoU with the Government of Maharashtra at the World Economic Forum summit in Davos.
Bloomberg in a report has claimed that Hyundai will make phased investments to upgrade the existing infrastructure and manufacturing equipment at the Talegaon plant, which it purchased from General Motors in 2023. The plant stood idle for years after the US-based auto company struggled to sell it off following its exit from India.
The new plant is expected to boost the automaker’s production capacity significantly. Currently, it is the second biggest carmaker in India with an annual production capacity of 8.25 lakh units at its Tail Nadu manufacturing facility. However, it is not confirmed yet what would be the increased production capacity for the brand when the Talegaon plant becomes operational. Also, it is not confirmed yet when it will be functional again to roll out Hyundai cars.
The automaker has been focusing on SUVs, keeping in sync with the rising demand for utility vehicles across the country. Hyundai is also planning to invest ₹200 crores over the next eight years in making new electric vehicles, a battery pack assembly unit and EV charging stations on major highways in Tamil Nadu.
First Published Date: 16 Jan 2024, 09:33 AM IST