To sign MoU during Global Investors Meet in January

South Korean automotive manufacturer Hyundai will be investing ₹7,000 crore to expand its facility at Sriperumbudur, near here, and to make new models and electric vehicles, chief executive officer and managing director of its Indian subsidiary, Hyundai Motor India Ltd., Y.K. Koo, said here on Monday.

A Memorandum of Understanding (MoU) towards the investment would be signed during the Global Investors Meet scheduled in January next year. A delegation led by Mr. Koo called on Chief Minister Edappadi K. Palaniswami at the Secretariat here.

Briefing the press after the meeting, Mr. Koo said that the delegation met the Chief Minister over the increase in their production capacity by another 1,00,000 units and also requested the Tamil Nadu government for incentives.

“We will produce more than 10 models including electric vehicles from completely knocked down (CKD) kits in the first stage and later we are planning to start manufacture of electric vehicles. This ₹7,000 crore project means increased production capacity, new model launch and powertrain capacity,” Mr. Koo added. The investment would provide employment to about 700 people.