New Delhi: South Korea's Hyundai Motor Group said it would invest $15.5 billion (about ₹1.47 lakh crore) in India between this year and 2032.
The plan was discussed during a meeting between Prime Minister Narendra Modi and Hyundai Motor Group executive chair Euisun Chung in New Delhi on Tuesday, the company said in a news release.
The group's India businesses comprise automakers Hyundai Motor and Kia Motors, alongside multiple associate and affiliate operations. The planned investment underscores the country's status as a strategic core market for the group, supporting growth, expansion in emerging markets and automotive innovation. India is one of the world's fastest-growing automotive markets and "a critical platform" for its mid-to-long-term strategy, the group said.
"India remains one of Hyundai Motor Group's most important and strategic markets globally. The past 30 years have been defined by our commitment to India. This investment reaffirms our commitment to India for the next 30 years and beyond," Chung said, according to the news release. "Through this investment, we will create more employment opportunities and work together with our partners and stakeholders to support India's continued industrial development."
The investment will be made towards expanding manufacturing operations, R&D, infrastructure development, local supplier cultivation and future technology innovation, fostering a comprehensive automotive industry ecosystem in India, Hyundai Motor Group said. The group also aims to lead India's future mobility ecosystem through strategic investments in emerging opportunities, including supporting high-potential startups and expanding into new mobility services, the news release said. It will explore opportunities in business verticals such as specialised automotive financing, electric vehicle charging infrastructure, and end-of-life vehicle recycling.