Hyundai Motor India will invest ₹11,000 crore on the expansion of its plant in Pune, Maharashtra. Tarun Garg, Managing Director and CEO of the company, gave this information at the inauguration of the plant on Wednesday. He said that the company will make this investment in different phases. This will not only increase the production of vehicles, but will also promote industry in the area, work on new technologies and create employment opportunities.

The Pune plant currently has a production capacity of 1.70 lakh vehicles per year. The company plans to gradually increase it to 3.20 lakh vehicles annually by 2030. The plant also has a modern engine manufacturing unit, where new manufacturing technology is used. 1.50 lakh engines can be manufactured here every year, which will help in the production of vehicles.

15.5 billion dollars will be invested in India

This investment is part of Hyundai’s larger plan in India. The company has earlier announced to invest 15.5 billion dollars in India in seven years. The plan, along with increasing production capacity, will focus on research and development (R&D), strengthening the local supplier network and manufacturing vehicle parts in India itself. The company will also work on future technologies.

Aiming to produce around 11.40 lakh vehicles by 2030

Hyundai Motor Group Executive Chairman Yuisun Chung said, India is one of the most important markets in the world for the company. He said this at a time when the company crossed the 4 million passenger vehicle export mark from India. Hyundai started exporting vehicles made in India to other countries from 1999. According to the company, this achievement demonstrates the global potential of Indian manufacturing. Including the capacity of the Pune and Chennai plants, Hyundai’s total annual production capacity in India could reach around 11.40 lakh vehicles by 2030.