India's largest car exporter Hyundai Motor India Ltd (HMIL) on Thursday renewed its Memorandum of Agreement (MoA) with Chennai Port Trust, a statement said.
The company said the MoA is for 10 years and would be reviewed in the sixth year.
According to HMIL, as per the new agreement, it has committed to export 50,000 cars per annum while getting 20 days of free storage of cars at the port, priority berthing of vessels and exemption from double berthing charges.
"We decided to renew our contract with Chennai Port trust as the terms and conditions and the facilities offered by them suit our requirements the best," said HMIL's Managing Director and CEO Y.K.Koo.
--IANS
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