Hyundai Motor Group Executive Chairman Euisun Chung met Prime Minister Narendra Modi recently and invited him for the inauguration of the company's manufacturing facility in Pune's Talegaon area.
Hyundai India's post on X (formerly Twitter) read, "The Hyundai Motor Group Executive Chair, Euisun Chung met the PM of India, Narendra Modi and discussed subjects related to the future of mobility. Due to India's diverse market & reformist approach, Hyundai attaches great priority to working closely with India."
"Chung invited the PM for the opening of the Hyundai plant in Pune, Maharashtra. This will be a game-changing investment for Hyundai Motor India Limited (HMIL). We are grateful to the Government of India and Government of Maharashtra for their support in all aspects relating to this plant," it further read.
Reacting to the development, Maharashtra Chief Minister Eknath Shinde on Wednesday said this "is another example of PM Modi's global leadership." "This upcoming project of Hyundai in Pune is going to be decisive and give a strong boost to the industrial and economic growth of Maharashtra," he added.
Deputy Chief Minister Devendra Fadnavis wrote, "Hyundai's upcoming plant in Pune is a milestone in Maharashtra's industrial journey and India's mobility revolution propelling us toward the vision of ₹1 trillion economy in Maharashtra." He added, "Grateful and a big thank you to PM Modi for his visionary leadership and constant encouragement. Together, we accelerate towards 'Make in India' at the forefront of our progress towards 'Viksit Bharat 2047.'"
Meanwhile, Hyundai Motor has said its planned capacity expansion at the Talegaon manufacturing facility at an investment of ₹6,000 crore will give it more headroom for growth in domestic and international markets. The company also said that it always looks for a balance between growth, profitability and market share.
"Our current capacity is 824,000 units per annum. With the acquisition of the Talegaon plant, 250,000 units will be added to our capacity, which will come in two phases -- 170,000 units next year and 80,000 units by 2028. So, this is basically almost a 30 percent capacity addition. So, we believe that it will give us more headroom both in domestic as well as an export market," said Tarun Garg, Chief Operating Officer at Hyundai Motor India, adding that the cumulative capacity will reach almost 1.1 million units after expansion.
