The chairman of Hyundai Motor said that the company is planning to invest US $700 million in India with a vision to make the country a prime center of car exports.
The chairman of Hyundai Motor said that the company is planning to invest US $700 million in India with a vision to make the country a prime center of car exports. He asked the Indian government for tax and other related concessions. However, the chief minister of Tamil Nadu has assured the company to provide all support for this new investment.
The new investment will be used for expansion of passenger vehicle capability to 6 lacs units annually. It's expected that Hyundai's new initiative will attract both wholesalers and retailers. After this investment HMIL will be the global center for export of small car.
During the meeting with Chief Minister, Hyundai's chairman also requested him to improve the states transport infrastructure including roads, railways and build up a new port facility fully dedicated to automobile exports.
Chairman also added that the Indian automobile market has enormous potential. Hyundai Motor India limited (HMIL) is likely to register a growth of above 400 percent in the coming decade. As per the chairman, Hyundai Motor India limited is always ready to fulfill the rising demands of Indian vehicle market.
Chairman emphasized on the timely completion of company's second plant to make sure the well-timed roll out of new compact car besides Santro Xing. Construction of the plant will be finished in October 2007, which will assist in raising export volume by more than three lacs units annually. The company is expecting to capture more than 20 percent share in Indian market through its new plant.
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