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Corporate Nov 1, 2012

Hyundai Motor’s new engine plant to be set up near Chennai

Chennai: The Tamil Nadu government will next week sign memoranda of understanding (MoUs) with 12 companies, including auto major Hyundai, for investing Rs20,295 crore in the state and providing direct employment to 36,855 people, Chief Minister J Jayalalithaa said Thursday.

She told the state assembly that South Korean auto giant Hyundai Motor plans to further expand its facility near here, investing Rs 4,000 crore.

In a statement issued here, Hyundai Motor India Ltd, the wholly owned Indian subsidiary of Hyundai Motor, said the investment will be for setting up of a world class flexible engine plant and a new press shop apart from ongoing investments in new models.

Reuters

According to Hyundai Motor India, the investment will offer customers more diesel options across segments in the near future.

Hyundai Motor India has two car plants at Irrungattukottai with a total capacity to produce around 630,000 units per annum.

Jayalalithaa gave details of the companies/groups that would be signing MoUs with the state government on 5 November.

These are:

-- PPG Industries, US, partnering with Harsha Group to set up a fibre glass and float glass unit at an outlay of Rs.4,100 crore,

-- Auto component maker TVS group with Rs.700 crore,

-- Multi-product conglomerate Murugappa group Rs.500 crore to make steel pipes and auto components,

--Danish company Danfoss Industries Rs.500 crore for expansion and setting up of research and development centre,

-- Electronics hardware maker Sanmina-SCI Rs.250 crore for expansion,

--Finnish mobile handset maker Nokia Rs.250 crore for expansion,

--US headquartered Alticor Incorporated/Amway Rs.300 crore for setting up manufacturing facility,

--Hyundai Motor India Rs.4,000 crore for expansion,

--Indo Rama Rs.4,500 crore for setting up synthetic fibre and petrochemical plants at Coimbatore and Ennore here respectively,

--BGR Energy-Hitachi for setting up power equipment manufacturing plants at an outlay of Rs.2,325 crore,

--ADD Industrial Park Rs.3,100 crore for setting up an integrated textile park near Coimbatore,

--French company Saint Gobain Rs.400 crore for expansion of its facility near here.

IANS

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