Telangana Chief Minister Revanth Reddy on August 12 met with officials of South Korean auto giant Hyundai Motor Company in Seoul to attract investments for the south Indian state, ANI reported.
CM Reddy was accompanied on the visit by Telangana state IT and Industries Minister Sridhar Babu, it added.
‘Focus On Major Investment Opportunities’
“Telangana state government has actively been focusing on major investment opportunities by global giants. Hyundai had planned investments into setting up a car testing facility in Telangana through its subsidiary Hyundai Motor India Engineering (HMIE),” Reddy told the media.
He added that the state’s “industry-friendly policies, progressive and futuristic vision in creating a world-class infrastructure and providing hassle-free permission systems” have given companies like Hyundai the confidence to do business in Telangana.
Hyundai’s Big Plans for Telangana
After talks with Reddy and Babu, Hyundai Motor said that its Indian subsidiary HMIE will establish a large Mega Test Center in Telangana, and it will also expand, renovate and modernise its existing engineering centre in Hyderabad.
The Mega Test Centre will include an automated test track facility and a state-of-the-art test car manufacturing facility — including for electric vehicles (EVs). It is expected to attract other affiliates and suppliers to set up their facilities in the vicinity.
“This will help to create both direct and indirect employment opportunities,” the company said. Besides this, the engineering centre expansion plans also aim to “create more employment for India and Asia-Pacific region”, it added.
“India An Important Market’
Hyundai Motor in its statement noted that India is a “very important market” for the company and it is “committed” to Indian customers.
“India is a very important market, and we are committed to developing benchmark setting products and technologies for Indian customers. HMIE is thankful and would like to express their gratitude to CM Telangana, for providing this opportunity to develop state-of-the-art testing facilities. This investment underscores HMIE’s commitment to India and CM Reddy’s vision for a sustainable future for the state,” the statement added.
Reddy On Tour For Investments
Earlier in the day, Reddy and Babu kickstarted their South Korean investment tour by meeting officials of industrial conglomerate LS Corporation (formerly part of LG Group), as per another ANI report. They met Koo Ja Eun, the Chairman of LS Group and his senior leadership, it added.
“Our talks covered broad interests, including manufacturing investments in Telangana for electric cables, gas and energy, and batteries. The LS team will visit our state shortly on my invite. I am very positive we will formally welcome them to Telangana as an investor in the coming days,” as per the CMO statement.
This comes after the duo completed a tour of the USA on a high note, securing over ₹31,500 crore investment plans, as per the CM’s Office. Besides an increased international investment in the state, this investment would bring over 30,750 new jobs, the statement added.