Hyundai to increase R&D investment in India for growth strategy phase two
ECONOMY & POLICY

Hyundai to increase R&D investment in India for growth strategy phase two

India is poised to become the first market outside Korea where Hyundai will be listed. As it prepares for its debut on the stock exchanges, the Korean automotive giant has outlined a plan to invest Rs 320 billion in the country over the next 8-10 years. Tarun Garg, the COO of Hyundai Motor India, expressed that the company believes this is the right time to take a significant step forward and further Indianise its operations, aiming to establish itself as a trusted brand in India.

To secure a larger share of the Indian market, Hyundai recognizes the importance of products tailored to local needs, whether developed in India or not. This strategy requires robust local engineering and research and development (R&D) operations. Sources indicate that Hyundai is planning to increase its previously announced investment of Rs 14 billion for an advanced test track in Telangana by an additional Rs 6 billion. Furthermore, the company is considering an extra Rs 2 billion investment to enhance its R&D centre in Hyderabad. However, Hyundai Motor India did not provide specific details regarding these plans. The Chief Financial Officer and Executive Director, Wangdo Hur, mentioned that the company would focus on enhancing its R&D capabilities for future growth.

On a broader scale, Garg noted that Hyundai would introduce more aggressive products, improve its R&D capabilities, and incorporate advanced technologies. The company’s approach is similar to what Maruti Suzuki India undertook a few years ago, when it established a significant Rs 38 billion R&D and engineering hub in Rohtak, Haryana.

After 26 years in the Indian market, where it began its journey with the tallboy hatchback Santro, Hyundai is intensifying its efforts in its third-largest market (after the USA and Korea). The company has expanded its production capacity in India by 30% with the acquisition of a plant in Talegaon, near Pune, capable of producing 250,000 units per annum. This expansion also provides a logistical advantage for better access to both domestic and export markets.

India is poised to become the first market outside Korea where Hyundai will be listed. As it prepares for its debut on the stock exchanges, the Korean automotive giant has outlined a plan to invest Rs 320 billion in the country over the next 8-10 years. Tarun Garg, the COO of Hyundai Motor India, expressed that the company believes this is the right time to take a significant step forward and further Indianise its operations, aiming to establish itself as a trusted brand in India. To secure a larger share of the Indian market, Hyundai recognizes the importance of products tailored to local needs, whether developed in India or not. This strategy requires robust local engineering and research and development (R&D) operations. Sources indicate that Hyundai is planning to increase its previously announced investment of Rs 14 billion for an advanced test track in Telangana by an additional Rs 6 billion. Furthermore, the company is considering an extra Rs 2 billion investment to enhance its R&D centre in Hyderabad. However, Hyundai Motor India did not provide specific details regarding these plans. The Chief Financial Officer and Executive Director, Wangdo Hur, mentioned that the company would focus on enhancing its R&D capabilities for future growth. On a broader scale, Garg noted that Hyundai would introduce more aggressive products, improve its R&D capabilities, and incorporate advanced technologies. The company’s approach is similar to what Maruti Suzuki India undertook a few years ago, when it established a significant Rs 38 billion R&D and engineering hub in Rohtak, Haryana. After 26 years in the Indian market, where it began its journey with the tallboy hatchback Santro, Hyundai is intensifying its efforts in its third-largest market (after the USA and Korea). The company has expanded its production capacity in India by 30% with the acquisition of a plant in Talegaon, near Pune, capable of producing 250,000 units per annum. This expansion also provides a logistical advantage for better access to both domestic and export markets.

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?