New Delhi . Hyundai Motor India Limited (HMIL) plans to invest around Rs 32,000 crore in India by 2032. The company forecasts strong and stable growth in the electric vehicle market until 2030.
The company is busy preparing for IPO. The company wants to raise funds up to $3.26 billion through this IPO. For this, trading of shares is expected to start from October 22.
According to the automaker's IPO documents filed with SEBI, “We have signed four MoUs with the Government of Tamil Nadu for our Chennai manufacturing plant.
We have also signed a Letter of Offer with the Government of Maharashtra for our Talegaon manufacturing plant, which is yet to commence operations, with investment commitments totaling approximately Rs 3,20,000 million (Rs 32,000 crore). “
According to the draft papers, the company said its future capital expenditure will be for plant, property and equipment and acquisition of assets related to new passenger vehicle model launches.
Hyundai Motor India Managing Director Unsoo Kim said EV growth will increase due to the increased focus of various companies on the local market and strong government support.
Kim further added, “We believe that the Indian EV market is expected to grow strongly and stably till 2030, mainly due to the strong leadership of the government and the focus of many OEMs on this segment.
“HMIL has access to global battery technology, so we are building an EV ecosystem.”
The automaker has set a production target of 7,75,000 units for this year, up from 7,65,000 units last year.
The price band for Hyundai Motor India Ltd's IPO has been set between Rs 1,8651,960, Hyundai Motor said in a regulatory filing with the South Korean Financial Supervisory Service.
The announcement follows the Seoulbased parent company's decision to sell 17.5 percent of its 812.54 million shares in the Indian subsidiary.
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Image Credit: KhasKhabar.