Hyundai Motor India, the subsidiary of Korean auto major Hyundai, has submitted the pre-feasibility report to take up revamping and modernisation of its facility in Tamil Nadu at an outlay of Rs 1,500 crore.
The project would have a positive and long-term impact on the environment and in employment opportunities.
Hyundai Motor India, the subsidiary of Korean auto major Hyundai, has submitted the pre-feasibility report to take up revamping and modernisation of its facility in Tamil Nadu at an outlay of Rs 1,500 crore.
The expansion at the existing facility at Irungattukottai near here would create an additional 155 new jobs and the plant size would be increased to 7.21 lakh sq metre from the current 5.40 lakh sq metre.
Hyundai Motor India has planned to expand the factory by adding additional 1.81 lakh sq metres of land at the factory.
According to the company, it has proposed to take up revamping and modernisation of its existing manufacturing facility at Irungattukottai, Kancheepuram district in Tamil Nadu,
As per the Pre-Feasibility Report submitted by the automaker on Thursday, the manufacturing facility is spread across an area of 538 acres and has the capacity to produce 8.50 lakh cars per annum.
"Hyundai Motor India as per the proposed revamping and modernisation plan, the built-up area would grow from the current 5.40 lakh sq metre to 7.21 lakh sq metre without altering the production capacity," the report said.
Noting that the current strength of the existing plant was about 18,706 employees, the company said with the expansion phase of the manufacturing facility, the headcount is expected to slightly increase by about 155 people.
"Hyundai Motor clarified that there would not be any additional land area. The plot area of the project site is 21.78 lakh sq metre and total built up area after expansion would be 7.21 lakh sq metre (existing is 5.40 lakh sq metre and proposed is 1.81 lakh sq metre)," it said.
The expansion is estimated to cost about Rs 1,500 crore and Hyundai Motor India would reach the total plant built-up area of 7.21 lakh sq metre post the expansion, which is expected to be completed in the next five years.
The construction activities are expected to commence after receipt of necessary approvals, it said.
Considering the growing demand for passenger cars within the domestic market and overseas, the proposed expansion would meet the market requirement, the company said.
The project would have a positive and long-term impact on the environment and in employment opportunities.
Hyundai Motor India would also bring positive changes in terms of socio-economic development by way of generating direct and indirect employment opportunities to the people located near the factory, it added.
Hyundai Motor India presently operates 1,366 sales points and 1,551 service points across the country. It retails hatchbacks, compact sports utility vehicles, premium sports utility vehicles and electric SUVs in India. The company also ships its products to 88 countries across Africa, the Middle East, Latin America, Australia and Asia Pacific region.