Hyundai to invest Rs 1,500 cr in diesel unit near Chennai
South Korean automobile group Hyundai has submitted a Rs 1,500 crore fresh investment proposal to the Tamil Nadu government and a Memorandum of Understanding (MoU) will soon be signed, a senior official said on Friday.
Confirming this principal secretary of Tamil Nadu industries department, Mr Rajeev Ranjan, told reporters here that,"The company has informed the Tamil Nadu government that it has proposed to invest Rs 1,500 crore in Tamil Nadu for its diesel plant and an MoU in this regard is expected to be signed soon. On January 13, they formally applied to us."
On the components side, the state industries department official said, Hyundai�s group company Wia was also reported to be considering a unit in Chennai. �The total outlay of `1,500 crore includes that,� he added.
The plant will be formally inaugurated by the deputy chief minister, Mr M.K. Stalin, on February 10.
