Hyundai plans to invest 1 billion dollars in India by 2013
( dpa ) - South Korean car major Hyundai said Saturday it was planning to invest 1 billion dollars by 2013 to make India a global manufacturing hub for its small car models as it opened a second plant in the country.
Hyundai Motor India, a wholly-owned subsidiary of the Korean car company, is the second-largest car manufacturer in India.
The release said the new plant at Sriperumbudur in southern Tamil Nadu state would be largely dedicated to manufacturing its new hatchback model i10.
Hyundai has invested 528 million dollars in setting up the new plant with which it hopes to double its production capacity in India to 600,000 units a year.
"Our new plant will be a platform for future growth. I am sure Hyundai Motor India will play its role perfectly as a global manufacturing hub for all of Hyundai's small car models," parent company chairman Mong-Koo Chung was quoted as saying at the opening ceremony.