Hyundai Motor will invest ₹7000 crore in Pune: The company will renovate the plant purchased from General Motors, this is the second plant of Hyundai India.

Hyundai Motor is going to invest ₹7000 crore in India. The company will make this investment on the renovation of the plant recently purchased from General Motors. This plant is located in Talegaon, Pune. This deal will be signed at the World Economic Forum Summit in Davos, Switzerland.

This will be the company’s second Indian plant after Tamil Nadu. After withdrawing from the Indian market and remaining closed for a long time, Hyundai had purchased this Talegaon plant from General Motors last year. This information has been given by Maharashtra Deputy Chief Minister Devendra Fadnavis.

Fadnavis wrote in his ‘X’ post, ‘Pleased to meet Hyundai Motor India MD and CEO Kim Unso, Executive Director J.W Ryu, and other officials. He told me about Hyundai’s ₹7000 crore investment in Talegaon, Pune.

Apart from this, he has also asked for my assistance on various issues. On behalf of the government, I assured him of all possible help to implement this project. He said, ‘The Memorandum of Understanding (MoU) of this deal with Hyundai Motor will be signed in Davos next week.’

Company will invest Rs 20 thousand crore in 8 years

According to reports, Hyundai is planning to spend ₹20,000 crore in Tamil Nadu over the next 8 years for electric vehicles, battery pack assembly and charging stations. Hyundai’s current plant has the capacity to manufacture more than 8 lakh cars every year.

According to the report of Society of Automobile Manufacturers (SIAM), the company had sold 42,750 vehicles in December 2023. This is 10% more than a year ago i.e. December 2022.