Hyundai finds B'lore expensive for R&D proj

Hyundai Motors India has ruled out Bangalore as a possible location for setting up its R & D centre as it finds land prices in the garden city exorbitant.

The company had shortlisted Bangalore, Hyderabad and Chennai for the proposed venture, Heung Soo Lheem, MD of Hyundai Motors, said.

"Unfortunately Bangalore  is very expensive in many areas," Lheem said at the launch of the company's mid-sized car Verna in Bangalore, where it claims a marketshare of 27% as against the all-India figure of around 18%.

The race is now between Hyderabad and Chennai, and a decision is expected soon. The R & D centre, to be located in a 15-acre plot, will involve an investment of about $40 million and generate about 1000 jobs, company officials said.