Hyundai Motor India Ltd (HMIL) today said it had shelved plans for an initial public offering (IPO) this fiscal, while simultaneously announcing additional investment of over $250 million at its Chennai car plant.
HMIL will be investing close to $80 million over 15 months during the first two phases. The company has till date invested $614 million at its Chennai unit.
Announcing the investment plan, B V R Subbu, president, told newspersons that the company had initially planned for an IPO in the current fiscal but with market conditions being unfavourable it had to shelve it at this point of time.