Hyundai Motor India, on 8 January, announced that it will invest Rs 6,180 crore on various initiatives that include establishing a hydrogen resource centre in Tamil Nadu.

The investment is in addition to the Rs 20,000 crore the company is planning to deploy over a period of ten years to increase its efforts in electric vehicle manufacturing, charging infrastructure, and skill development.

The company has also signed an MoU (memorandum of understanding) with the Tamil Nadu state government regarding the new investment during the Tamil Nadu Global Investors Meet 2024.

As a part of the MoU, the company will establish a dedicated ‘Hydrogen Valley Innovation Hub,’ with an investment of Rs 180 crore, in association with IIT-Madras. This facility will act as an incubation cell to develop a framework for localisation of the hydrogen ecosystem.

Unsoo Kim, MD and CEO of Hyundai Motor India said, “This substantial investment of Rs 6,180 crore is a testament to our enduring commitment to fortifying the state’s pursuit to boost the socio-economic development in the state and make the country self-reliant.”

Kim added they are confident that this collective effort with the government will propel Tamil Nadu towards achieving the milestone of becoming a USD 1 trillion economy.