HMIL works on Rs.7,000 crore expansion
Tamil Nadu Chief Minister K. Palaniswami has assured Hyundai Motor India Ltd (HMIL) of consideration of tax incentives for a proposed Rs,7,000 crore expansion plan in the state.
HMIL assistance vice president for corporate affairs B C Datta briefed reporters on the brief interaction with the Chief Minister on 12 Nov 2018 during which consideration of tax incentives assurance was given.
HMIL is set to sign a Memorandum of Understanding with Tamil Nadu state for the Rs.7,000 crore expansion during the Global Investors Meet in January 2019 in Chennai.
The expansion will include increasing production capacity, launching new models and powertrains.
HMI is working on increasing production at the Sriperumbudur facilities t eight lakh units a year, up from seven lakhs at present.
HMIL will introduce a new electric vehicle next year in India, he added.
HMIL is one of the most successful car manufacturers in India exporting to 87 countries including Africa, the Middle East, Latin America, Australia and Asia Pacific.
A subsidiary of Hyundai Motor Company of South Korea, HMIL retails nine models across India. fiinews.com
