The two companies submitted their letters of intent to the industries minister S Keerthana, on Wednesday
Hyundai Motor India Ltd, which manufactures its cars and SUVs at Irungattukottai, has committed to investing more than Rs 26,000 crore in Tamil Nadu by 2032 as part of its previously announced Rs 45,000-crore investment programme in India. The company plans to increase localisation from the current 82% to 90% over the next five to six years. It has also said it would increase procurement from Tamil Nadu-based suppliers by about Rs 4,000 crore.
The investment plans by the two Hyundai suppliers come amid speculation on social media that projects meant for Tamil Nadu were shifting to Andhra Pradesh. The state government dismissed these reports as incorrect, citing the latest proposals as evidence of continued investor confidence in Tamil Nadu. The two companies submitted their letters of intent to industries minister S Keerthana at the state secretariat on Wednesday.
“Happy to share that Hwashin and Seoyon have reaffirmed their confidence in the state with fresh investment plans of Rs 1,370 crore over the next five years.
Tamil Nadu’s story is best told by those who choose to build here. We’ll keep the investments coming,” Keerthana said in a post on X. We welcome competition. And we have no intention of slowing down.